Crypto
US Jobs Data Triggers Bitcoin Price Drop Below $80,000
Bitcoin's price slipped below $80,000 on September 5 after stronger-than-expected US employment data lifted Federal Reserve rate-hike expectations.
The jobs report showed a gain of 162,000 nonfarm payroll positions in August, exceeding the average monthly increase of 31,000 over the previous 12 months. This led to increased probability of a Fed interest rate hike at its September meeting, with Citigroup moving its forecast for the next rate cut from October 2026 to June 2027.
Bitcoin's price had reached an intraday high near $81,370 before sellers pushed it as low as $78,723. The asset's daily chart showed that buyers failed to sustain a rally above $82,000, leaving the price below a major resistance zone at approximately $82,504.