Bitcoin's $80k Breakdown Exposes Market Vulnerability

Bitcoin's attempt to break above $80,000 on Friday was short-lived. The price plummeted from around $81,438 to as low as $78,626 in a five-minute span after the U.S. jobs report came out at 8:30 a.m. EDT.

The sudden drop erased Bitcoin's latest breakout above $80,000 and left investors with a cleaner test for the weekend. A return above $80,000 would indicate that spot demand can absorb tighter-rate expectations, while failure to do so would keep the market exposed to thinner weekend liquidity before the U.S. inflation data on Friday.

According to Paul Howard, senior director at crypto trading firm Wincent, the $80,000 area should remain choppy and expected a $77,000-to-$81,000 range over the next 10 days due to thinner weekend liquidity.