US Jobs Miss Fails to Stop Bitcoin Erasing Its $74,000 Breakout Attempt
Bitcoin dropped below $70,000 after weak US jobs data failed to support risk assets, erasing its recent breakout attempt.Summary
Bitcoin (BTC) fell below $70,000 as disappointing US nonfarm payrolls data, which showed a loss of 92,000 jobs against expectations of a 58,000 gain, failed to boost risk assets. This labor market weakness typically signals potential interest-rate cuts, but markets still anticipate only one cut in 2026, keeping Fed expectations hawkish. Consequently, BTC price action 'round tripped' its recent breakout attempt above $74,000, hitting lows near $68,176, mirroring the slump in US stocks like the S&P 500 and Nasdaq Composite. Analysts noted this pattern of failed breakouts above local range highs, suggesting that the $71K level might act as a trap for long positions, with BTC returning to interact with long-term levels like the 200-week EMA and the 2021 all-time high.
(Source：Cointelegraph)