Bitcoin price news: BTC holds losses, trades near $70,000, after soft U.S. jobs data
Bitcoin held near $70,000 despite unexpectedly weak U.S. jobs data suggesting potential Fed rate cuts.Summary
The U.S. job market showed significant weakness in February, with the country losing 92,000 jobs against forecasts of a 59,000 gain, and the unemployment rate rising to 4.4%. This soft data increased the possibility of Federal Reserve rate cuts in the first half of 2026. Despite this, Bitcoin remained under pressure, trading around the $70,000 mark, following declines driven by soaring oil prices and dipping equity markets. Stock futures were lower, the 10-year Treasury yield fell, and precious metals reversed early losses. While the jobs report suggests easing monetary conditions, rising oil prices due to Middle East tensions could counteract this by fueling inflation expectations, potentially complicating the Fed's policy path.
(Source：CoinDesk)