Strong Jobs Report Complicates Bitcoin's Third Straight Weekly Gain

Bitcoin's price surged above $82,000 on Friday before falling more than 2% by 1:36 p.m. ET. This marks a third consecutive weekly gain for the cryptocurrency.

The rally is part of a rebound that began when Bitcoin broke out of its summer range of $60,000 to $70,000. Since then, it has regained ground above $80,000 and reached its highest level since May 11.

This increase in price coincides with renewed interest in the debasement trade, where investors shift their money towards assets like Bitcoin and gold due to concerns about currencies, government debt, or monetary policy. The U.S. Treasury's announcement of plans to increase purchases of longer-dated government bonds last month triggered this trend.

However, a strong jobs report released on Friday may have complicated the rally. Nonfarm payrolls rose by 162,000 in August, exceeding economists' expectations of 56,000. The unemployment rate remained at 4.1%, and investors responded by increasing bets that the Federal Reserve will raise interest rates at its upcoming meeting.