Bitcoin (BTC) Price: Jobs Report Sends BTC Below $80K as Fed Rate Hike Bets Rise

TLDR

• Bitcoin dropped over 2% after a strong U.S. jobs report raised Fed rate hike expectations
• BTC fell from $81,300 to a low of $78,600 before recovering to around $79,500–$79,800
• Despite the Friday dip, Bitcoin is on track for a 3% weekly gain — its third straight week of gains
• Analyst Bull Theory highlighted that BTC surged nearly $20,000 in 20 days, liquidating a record $11.4 billion in leveraged positions
• Spot Bitcoin ETFs pulled in $175 million in net inflows on September 4, led by BlackRock’s IBIT

Bitcoin dropped more than 2% on Friday after a stronger-than-expected U.S. jobs report pushed traders to raise their bets on a Federal Reserve interest rate hike. The sell-off pulled BTC from $81,300 down to a low of $78,600, before a partial recovery to around $79,500–$79,800 by late Friday.

The Bureau of Labor Statistics reported that nonfarm payrolls rose by 162,000 in August — nearly triple the 55,000 economists had forecast. The unemployment rate held steady at 4.1%, and payroll figures for June and July were revised up by a combined 55,000 jobs.

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