Bitcoin Battles $80,000 Resistance Level Amid Strong US Jobs Report
Bitcoin struggles around the critical $80,000 resistance level despite a massive $730 million single-day inflow into spot ETFs. Strong US labor data has renewed rate hike fears, dampening crypto market momentum.
Bitcoin continues to deliver drama to investors as its price battles around the critical resistance level of $80,000. What is particularly frustrating for investors is the distinct disconnect between massive capital inflows and the actual price response.
While buying pressure and institutional interest remain strong, the latest US labor market report surprised analysts to the upside with an addition of approximately 162,000 jobs in August. These robust figures triggered a spike in US Treasury yields and revived the probability of a Federal Reserve interest rate hike, immediately dampening enthusiasm across the cryptocurrency market.
Spot Bitcoin ETFs recorded an impressive single-day inflow of over $730 million, led by investment giant BlackRock's IBIT fund. However, a strengthening US dollar and concerns over the central bank's monetary policy steps prevented the digital currency from making a decisive and convincing breakthrough above the $82,000 threshold.
Market analysts estimate that the current pressure also stems from rapid profit-taking by short-term traders who capitalized on the recent wave. Concerns over macroeconomic factors, combined with the historical "September effect"—traditionally a challenging month for digital assets—keep the market on high alert. Investors are now waiting for the Federal Reserve's next move to see if Bitcoin can establish stable support or face a sharp downward correction.
