Bitcoin Price Tumbles Below $79K Amid Stronger Labor Data

Bitcoin's price fell below $79,000 on September 8 as investors reassessed the interest-rate outlook following stronger labor data. The US Bureau of Labor Statistics reported that nonfarm payrolls increased by 162,000 in August, compared with an average monthly gain of 31,000 over the previous 12 months.

The unemployment rate remained at 4.1%, and inflation also stayed above the Fed's 2% objective. The Bureau of Economic Analysis reported that the PCE price index rose 3.7% year-over-year in July. August PCE figures have not yet been released and are scheduled for September 30.

According to analyst Crypto with Haris B, the former $79,500 support area has turned into resistance, and the $78,000 level is showing signs of weakness. The analyst identified $76,000 as the next local target if that floor fails.