Bitcoin Tumbles Below $80K as Strong Jobs Report Raises Rate Hike Bets

Bitcoin's price dipped below $80,000 after a stronger-than-expected US employment report led to increased expectations of a Federal Reserve rate hike. The report showed that the US added 162,000 jobs in August, keeping unemployment steady at 4.1%. This has raised the probability of a Fed rate increase in September to 61%, which contributed to selling pressure on Bitcoin.

The cryptocurrency faced resistance near $82,500 and support around $78,190. Analysts warn that unless Bitcoin breaks above $82,500 with strong volume, it could be a bull trap. The upcoming US inflation report on September 11 may also influence Bitcoin's next move.