Jobs Report Dents Bitcoin, But Analysts Eye September CPI for True Impact

Bitcoin's price dropped below $80,000 on Saturday after a stronger-than-expected U.S. jobs report for August. The report showed that nonfarm payrolls rose by 162,000, more than triple the expected 53,000 economists had forecasted.

The unemployment rate remained at 4.1%, and private payrolls were also much stronger than anticipated, with 127,000 jobs added compared to expectations of around 43,000 to 45,000.

According to Bitunix analysts, Bank of America flagged the September 11 Consumer Price Index (CPI) report as a more decisive signal for the Fed rate path. This suggests that unless payroll growth is substantially below forecasts, jobs data alone may not be enough to significantly move current rate-hike pricing.