Bitcoin Sells Off After Jobs Data But Remains Bullish on $77,500

Bitcoin's price has been on a rollercoaster ride recently, but it remains bullish above $77,500. This level was broken out of last week and is now seen as short-term momentum. However, the recent jobs data release had a significant impact on the market, causing a sharp selloff in Bitcoin's price.

The stronger-than-expected jobs data lifted rate-hike odds, leading to $1,600 crash in three minutes. This event triggered $91.78 million in long liquidations over 24 hours, which is seven times the $13.21 million shorts lost. Despite this volatility, Bitcoin's price remains above $77,500.

The market is now looking ahead to the next Fed meeting and wondering if it can push towards the predicted target of $84,000 before then.