Bitcoin Holds Firm Near $80K as Fed Hike Bets Rise Amid Stronger Labor Market Data

Bitcoin (BTC) traded near $80,000 on Monday after retreating from levels above $82,000 reached last week. The cryptocurrency showed resilience despite stronger-than-expected US employment data and rising Treasury yields.

The August US jobs report revealed employers added 162,000 jobs, exceeding expectations of 55,000. This has increased expectations for a Federal Reserve interest rate hike at its September 16 meeting, with CME's FedWatch tool indicating an implied probability of around 60% for a 25-basis-point hike.

However, Bitcoin has continued to receive support from investor demand and spot ETF inflows. US spot Bitcoin ETFs recorded $987 million in inflows last week, extending their positive streak to three consecutive weeks.

CryptoQuant analyst Axel Adler Jr. noted that onchain indicators have provided a constructive signal. The 30-day change in realized capitalization turned positive on August 24 and rose to 0.88% by September 6.