Weak US Jobs Report Sends Bitcoin Price Below Key Supports
The Bitcoin price fell sharply after the U.S. Bureau of Labor Statistics reported just 22,000 non-farm payrolls added in August versus an expected 75,000, while the unemployment rate rose to 4.3%. This disappointing US jobs report pressured the dollar and bolstered gold, triggering heightened market volatility. Bitcoin price closed the week below key weekly support levels, with short-term moving averages sloping lower and the MACD showing a bearish crossover. If the $100,000 threshold cannot hold, traders should watch $96,000–$98,000 support and a potential drop to $93,000 amid elevated intraday swings. In this macro-sensitive environment, prudent asset allocation is crucial. BiyaPay highlights its multi-asset trading wallet—covering crypto, global remittances, and U.S.–Hong Kong equity access—to help investors navigate volatility.
Bearish
The weak US jobs report undermined dollar strength and increased volatility, pushing the Bitcoin price below key weekly supports. Technical indicators—downward-sloping short-term moving averages and a bearish MACD crossover—signal further downside risk. Historically, negative macro data that coincide with Bitcoin breaking major support levels have led to short-term corrections. Failure to hold the $100,000 threshold could trigger a deeper pullback toward $96,000–$93,000. In the absence of positive catalysts, traders face a bearish outlook in the near term, though stability may return once macro conditions improve.