Bitcoin's Price Surge Above $82,000 Reversed After Stronger-than-Expected US Employment Data
Bitcoin's price surge above $82,000 on Friday was short-lived as it fell back below $80,000 following stronger-than-expected US employment data. The release of the report led to higher Treasury yields and a weakening demand for risk assets, causing Bitcoin's price to drop by 2.1%.
The current support level for Bitcoin is in the $78,800-$79,300 range, which had previously acted as resistance before the latest push higher. If this zone holds, it would keep another attempt at $82,000 in play, according to Wealthmanager's analysis.
However, if Bitcoin loses the current support level, it could lead to a rapid move into the $76,000-$77,000 value area, as identified by Gerla. The immediate setup depends on whether Bitcoin can continue closing above the $78,800-$79,300 region.