Bitcoin Slips Below $84,000 as Rally Fades Amid Weaker Jobs Data

Bitcoin's price has slipped below USD 84,000 after failing to hold above USD 87,000, leaving nearby chart support under pressure. The cryptocurrency's price reached USD 87,220 before retreating toward the USD 84,012 Fibonacci level, which represents the 61.8% retracement of the range between USD 126,294 and USD 57,877.

The retreat followed a brief rally on Friday, after weaker U.S. jobs data pushed Treasury yields lower. The 10-year yield traded near 5.2%, while the 30-year yield reached 5.573%. U.S. stocks advanced, with the S&P 500 gaining 1% and the Nasdaq Composite rising 1.8%.

Altcoin Sherpa warned that if Bitcoin loses the USD 82,000 level, it could lead to a more significant decline. The analyst's recovery scenario depends on lower bids holding and buyers clearing overhead sell orders.