Bitcoin's $80,000 breakout failed after a blowout jobs report
Bitcoin's surge to nearly $82,000 on Thursday was short-lived as a stronger-than-expected jobs report on Friday pushed the cryptocurrency back below $80,000. The U.S. added 162,000 jobs in August, surpassing initial expectations and revising upward earlier payrolls by 55,000. The unemployment rate remained steady at 4.1%. Despite the positive labor market news, signaling a potential September rate hike by the Federal Reserve, inflation remained a concern.
Other high-beta assets such as Bitcoin, gold, and stocks like Coinbase (COIN), Palantir (PLTR), and Elon Musk's SpaceX (SPCX) and Tesla (TSLA) also declined as the broader market reacted. However, a sustained move above $83,000 could potentially break the range Bitcoin has been contained in since February.
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