US Jobs Report Sends Bitcoin Price Reeling as Rate Hike Odds Rise

Bitcoin's price dropped nearly 3% to $78,915 after a stronger-than-expected US jobs report was released. The report showed 162,000 new jobs in August, far exceeding forecasts, which reduced the chances of a Federal Reserve rate cut and increased the likelihood of a rate hike.

This unexpected data shifted the odds of a Fed rate hike to an even 50/50, increasing market uncertainty ahead of September's Federal Reserve decision. Key resistance near $82,000, last seen in May, poses a challenge for Bitcoin, with medium-term holders showing profit-taking signs.

A rising stablecoin ratio on Binance suggests reduced buying power, which could limit Bitcoin's ability to break through this resistance. Despite the pullback, Bitcoin has shown upward momentum over the past three weeks and remains a dominant force in the crypto market, holding 59.1% of total market share.