The US Bureau of Labor Statistics reported an addition of 162,000 nonfarm payroll jobs in August. This figure significantly exceeded the 12-month average monthly gain of 31,000, with the unemployment rate holding steady at 4.1%.
The jobs data immediately dragged Bitcoin back below $80,000. Market participants reacted to the release by ramping up bets on central bank rate hikes. According to a Reuters report, the probability of the Fed raising interest rates at its upcoming September 15-16 meeting surged to 61%, up from 52% just before the payroll numbers were published.
The fallout quickly extended to long-term rate cut projections. Citigroup pushed back its forecast for the Fed’s next rate cut from October 2026 to June 2027.
Earlier Price Rejection at $82,400
Today’s downward pressure erased Bitcoin’s earlier rally that briefly broke through $82,000 - its highest level since May. However, the price retreat was not solely a reaction to the US economic report.
Analysts from the Rain platform noted that Bitcoin had already faced strong rejection around the $82,400 price zone before the labor figures reached the public. This suggests selling pressure was already building at the top, with the macroeconomic release merely triggering the asset’s move lower.
Technical indicators confirm that market momentum remains contained. Bitcoin’s daily Relative Strength Index (RSI) stood at 66.28, remaining below the overbought threshold of 70. Trend-wise, the Aroon Up indicator led at 85.71% against Aroon Down at 7.14%, while the Chaikin Money Flow on the four-hour chart was at +0.19 - signaling positive yet moderate capital inflows.
Two Critical Levels Ahead of Inflation Data
Traders now face two liquidation walls boxing in price action. Baseline support sits at $78,000, while resistance extends from $82,000 to $84,000. The market requires a strong breakout above that upper band to invalidate the downward bias.
Market focus now shifts to a series of macroeconomic events set to dictate liquidity. US CPI data is scheduled for release on September 11, followed closely by the Fed’s interest rate decision on September 16.
For day traders, next week’s figures from the central bank will likely carry far more weight than trendlines on technical charts. Source: crypto.news.
Read also: How to Read Candlestick Charts for Beginners
Previously: US Jobs Report Hits 162,000 New Positions - Instead of Rising, Bitcoin Plunges Below $80,000
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
