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Bitcoin(CRYPTO: BTC) on Friday dropped below $80,000 after the August jobs report blew past estimates and put a September rate hike back on the table.
What the Jobs Report Showed
According to Reuters, nonfarm payrolls surged by 162,000 in August, more than triple the 56,000 economists had forecast and well above the highest estimate of 121,000.
The unemployment rate held steady at 4.1%. July’s previously reported drop of 23,000 jobs was also revised upward to a gain of 21,000, making the labor market picture look considerably stronger than markets had priced in.
Fed futures markets had priced in roughly a 52% chance of a September rate hike before the report, down from 63.2% on Wednesday after Fed Governor Christopher Wallersignaled support for holding rates steady if inflation continued cooling.
The strong jobs print reversed that move, pushing rate hike odds back up.
Schiff Warns the Payroll Beat Could Face a Downward Revision
Peter Schiffposted on X that while markets are reacting to the beat, the odds are high that the 162,000 figure eventually gets revised down to a miss based on recent trends in payroll revisions.
He argued the initial print is unreliable and that investors betting on a rate hold based on this number may be positioning on faulty data.
Rising Treasury yields added to the pressure. The 30-year fixed mortgage rate hit a one-year high of 6.71% this week with higher yields tightening financial conditions broadly and reducing appetite for risk assets like Bitcoin
BTC Price Action Today
BTC is giving back most of Thursday’s 5% breakout gains after tagging $81,412 and reversing sharply.
Price is back inside the ascending channel, now testing the lower boundary near $76,000 to $77,000 that has held since Aug. 21.
The Parabolic SAR flipped bearish at $77,800, sitting just above price and confirming near-term momentum has turned negative.
Key levels for BTC:
- $80,000 to $81,400 — former breakout zone, now resistance
- $76,000 — channel base, must hold to keep the broader uptrend intact
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