Bitcoin slips below $80K as US jobs data fuels rate‑hike bets

Bitcoin (BTC) traded around $79,600, slipping below the $80,000 mark after a sharp pullback from an intraday high near $81,370. The move followed a stronger‑than‑expected U.S. jobs report that raised expectations of a Federal Reserve rate increase.

Jobs data and market reaction

The U.S. Bureau of Labor Statistics reported an increase of 162,000 non‑farm jobs in August, well above the 12‑month average of 31,000. The unemployment rate held steady at 4.1%. The robust payroll numbers pushed the implied probability of a Fed rate hike at the September meeting to about 61%, up from 52% before the report.

Higher rate expectations lifted Treasury yields and the dollar, putting pressure on non‑yielding, risk‑sensitive assets such as Bitcoin.

Technical outlook

Daily resistance remains near $82,500, a level that aligns with the May swing high. The daily Relative Strength Index (RSI) sits at 66.28, below the overbought threshold of 70, indicating cooling upward momentum.

On the 4‑hour chart, Bitcoin stays above the Supertrend line at $78,190, making the $78,000‑$78,200 zone the nearest support. The Chaikin Money Flow reading of 0.19 stays positive, suggesting net buying pressure, though a break below $78,000 could trigger further downside.

Liquidity and potential moves

CoinGlass liquidation data shows dense clusters of leveraged positions around $80,000 and $81,800‑$82,300. A breach of $80,000 could push price toward the upper cluster, while a drop below $78,000 may expose long liquidations and drive price toward lower clusters near $76,000‑$77,000.

Analyst perspectives

Analyst Rain noted that the technical rejection at $82,400 preceded the jobs release, and the data simply reinforced the bearish setup. Trader Gerla warned of a possible bull trap, stating that a decisive close above $82,000‑$84,000 with strong volume would be needed to invalidate the bearish outlook.

The upcoming August CPI report on September 11 will provide the next major test for Bitcoin, with a hotter reading likely to sustain rate‑hike expectations and a softer reading potentially easing pressure.