Bitcoin Struggles to Hold Above $80,000 Amid Strong US Employment Data
Bitcoin's price has struggled to hold above $80,000 after a recent surge, with the cryptocurrency briefly trading near $82,000 before falling back below $80,000.
The decline came after stronger-than-expected US employment data was released on Friday, showing that the economy added 162,000 jobs in August, almost three times the 56,000 economists had expected.
The unemployment rate held at 4.1%, while average hourly earnings rose 0.3% from July and 3.1% from a year earlier.
Comments from Federal Reserve Governor Christopher Waller helped Bitcoin recover earlier in the week, but his support for keeping interest rates unchanged was contingent on continued progress on inflation.
The next major US inflation reading is due on September 11, and will be closely watched by investors as they consider their bets on the Federal Reserve's monetary policy.