BTC Price Drops Below $79K as Jobs Data Triggers Fed Fears
Bitcoin dropped below $79K on September 4th after a strong US jobs report. The price decline, which saw BTC fall by 2.98% in just over two hours, brought the cryptocurrency to $78,915.
The jobs data made a Federal Reserve rate cut less likely and a rate hike more feasible, contributing to the minor pullback in Bitcoin's price. However, this does not negate the upward momentum that BTC has shown over the past three weeks.
Bitcoin is approaching a major long-term supply zone at $82K, an area last visited in May when it triggered a strong sell-off. The 6-month holder MVRV was at 13.10%, indicating that medium-term holders are profitable on average.
The 180-day mean coin age has been trending lower since May, signaling distribution among medium-term holders. While this shows profit-taking, the 2-year dormant circulation is relatively quiet, suggesting that long-term holders aren't yet selling en masse.