Bitcoin Pulls Back Amid Rate Hike Fears and Whale Selling
Bitcoin (BTC) pulled back to $80,047 after a strong week that saw it rise 0.49%. The drop below $80,000 was triggered by stronger-than-expected US non-farm payrolls data, which led to over $200 million in liquidations.
However, whales accumulated 6,765 BTC ($521M) during the pullback, signaling institutional confidence in Bitcoin's long-term prospects. This accumulation occurred despite the fact that the Fear & Greed Index reached 73, indicating greed sentiment among investors.
The US jobs data also had a significant impact on other markets, with the possibility of a September rate hike brought back into focus. Softer inflation could push Treasury yields lower and support $SPDR S&P 500 ETF (SPY.US) and risk assets including Bitcoin, while a hotter surprise may strengthen the dollar and pressure both technology stocks and crypto.
Within tech, memory stocks remain a relatively strong pocket, with rising DRAM prices and sustained demand for AI memory continuing to support $Micron Technology (MU.US) and $SanDisk (SNDK.US). The recent price action in these stocks may be indicative of broader trends in the industry.