Bitcoin Price Tumbles as Macro Pressures Mount

Bitcoin's price has struggled to break above $80,000, and recent macroeconomic pressures are weighing on its value. According to Glassnode, a major overhead supply of BTC is concentrated between $83,000 and $86,000, making it difficult for the cryptocurrency to rise above this level.

The U.S. payroll report on September 4 could reset Federal Reserve expectations, which could have a significant impact on Bitcoin's price. The report showed that hires fell by 278,000 from June, while separations declined by 265,000, leaving separations 18,000 above hires.

Higher Treasury yields are also affecting the value of risk assets like Bitcoin. The 10-year Treasury yield stood at 4.79% on September 2, making fixed-income assets more attractive and increasing borrowing costs across markets.