Bitcoin Fails to Break Above $80,000 Amid Strong Jobs Report
Bitcoin came close but failed to break above the critical $83,000 resistance level after a stronger-than-expected U.S. jobs report on Friday. The cryptocurrency had surged over 5% earlier in the week and reached as high as $82,000 before retreating below $80,000 amid rising yields and dollar strength following the employment data. The August payrolls report showed job additions of 162,000, nearly triple expectations. This reinforced market speculation that a September rate hike by the Federal Reserve remains likely despite cooling wage growth. The news caused Bitcoin to reverse its gains alongside gold and other high-beta assets as shorter-term yields climbed. Earlier in the week, Fed Governor Christopher Waller had hinted at holding rates steady if inflation continued to cool, briefly pushing markets toward optimism. However, Friday’s data reversed much of that momentum, with crypto and tech stocks like Coinbase and Tesla losing significant ground.
Topics: Bitcoin Federal Reserve Policy Interest Rates Jobs Report