Bitcoin stalls near $76K as US jobless claims drop

Bitcoin briefly rose to about $76,800 after U.S. initial jobless claims fell to 196,000, but the rally quickly faded, leaving the cryptocurrency near $76,050.

Economic backdrop

The Labor Department reported that initial unemployment claims dropped to 196,000 for the week ending September 12, better than the 207,000 forecast. The four‑week moving average also slipped to 203,250. The data suggests a still‑firm labor market despite higher borrowing costs.

Federal Reserve policy

One day earlier, the Federal Open Market Committee raised its target rate by 25 basis points to a range of 3.75%–4.00%, the first increase since 2023. The Fed’s updated projections imply a median federal funds rate of about 4.1% by the end of 2026, indicating the possibility of another quarter‑point hike before year‑end.

Impact on Bitcoin

Following the jobs data, Bitcoin gained roughly 1.25% to $76,800 before retreating to around $76,050, down about 1% from its intraday high. Technical analysis shows resistance at $77,500, with a stronger barrier near $80,500–$82,000. Momentum indicators were weak, and a major downside liquidation cluster sits near $74,600.

Political factors

The Senate failed to advance the Digital Asset Market CLARITY Act, falling short of the 60‑vote threshold needed for passage. The bill would have clarified the regulatory split between the SEC and CFTC for digital assets.

Outlook

Analysts note that a clear break above $77,500 is needed for bullish momentum, while failure to do so could keep focus on support around $75,600 and the liquidation zone near $74,600.