Bitcoin Slips Below $80K as Strong Jobs Data Lifts Hike Bets

Bitcoin's price slipped below $80,000 after stronger-than-expected US jobs data lifted Federal Reserve rate-hike expectations.

The employment report showed that nonfarm payroll employment increased by 162,000 in August, well above the average monthly gain of 31,000 recorded over the previous 12 months. The unemployment rate held at 4.1%.

Citigroup moved its forecast for the Fed's next rate cut to June 2027 from October 2026, and higher rate expectations pushed Treasury yields upward and supported the dollar.

Rain, an analyst, stated that the employment report was the immediate trigger for Bitcoin's decline, but argued that the technical setup preceded the release. He noted that BTC had been rejected around $82,400 several hours before the data arrived.