Bitcoin Stumbles at $80,000 as Fed Rate Hike Risk Rises

Bitcoin's price struggled to maintain above $80,000 on September 4 after a turbulent 24-hour period. The cryptocurrency briefly surpassed $81,000 but failed to hold its gains following strong US employment figures for August.

The August payroll report showed the US economy added 162,000 jobs, nearly triple the 56,000 forecast by economists. The unemployment rate remained at 4.1%, while average hourly earnings increased by 0.3% from July and were up 3.1% year-over-year.

Following the jobs release, the probability of a Federal Reserve rate hike at the September 16 policy meeting climbed to 62%. This put pressure on Bitcoin after its failed attempt to hold above $80,000.