Bitcoin Retreats Below $80,000 as Strong Jobs Data Revives Rate Hike Bets

Bitcoin held below $80,000 on Saturday after falling from a more than three-month high above $82,000. The reversal came as stronger-than-expected US employment data revived expectations for a Federal Reserve interest rate hike.

The jobs report showed nonfarm payrolls increased by 162,000 in August, beating economists' forecasts of 56,000. This boosted the likelihood of a Fed rate hike at its September 15-16 meeting, with rate futures pricing in around a 57%-59% probability after the data.

Despite this hawkish outlook, institutional demand for Bitcoin remains strong. US spot Bitcoin ETFs attracted $174.6 million of net inflows on September 4, extending their inflow streak to three sessions and taking cumulative inflows over the period to about $1.01 billion.