BTC Under Pressure as US Jobs Data Strengthens Rate Hike Expectations
- Bitcoin fell over 2% as stronger US jobs data increased September rate hike expectations.
- BTC remains on track for a third consecutive weekly gain despite Friday’s sharp decline.
- Spot Bitcoin ETFs attracted $175 million, supporting demand amid rising macroeconomic uncertainty.
Bitcoin faced fresh selling pressure Friday after stronger US jobs data changed rate expectations. BTC fell more than 2%, sliding from $81,300 to $78,600. Buyers later pushed the price back toward $79,500 to $79,800. The sharp move followed data showing stronger hiring across the US economy.
Strong Jobs Data Puts Bitcoin Under Pressure
The US Bureau of Labor Statistics reported 162,000 new nonfarm jobs during August. Economists had expected only 55,000 new positions. The unemployment rate remained unchanged at 4.1%. Payroll figures for June and July also received upward revisions. Combined revisions added another 55,000 jobs to previous estimates. The report strengthened expectations for tighter monetary policy. Traders now see greater odds of another Federal Reserve rate hike.
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