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Bitcoin holds near $80,000 as September Fed hike odds jump to 60%
After August jobs beat expectations, CME FedWatch placed the probability of a 25 bps rate hike on Sept. 16 at around 60%, while spot bitcoin ETFs pulled in $987 million last week.
Bitcoin was trading around $79,500 on Monday, keeping close to the $80,000 level after retreating from above $82,000 in the prior week, according to The Block Crypto.
The Block linked the move to renewed rate-hike fears after Friday’s U.S. jobs report. The report showed 162,000 jobs were added in August versus 55,000 expected, while the unemployment rate held at 4.1%, and the implied odds of a 25 bps Federal Reserve hike on Sept. 16 rose to around 60% on CME’s FedWatch tool.
The Block said Treasury yields and the U.S. dollar rose after the data, putting pressure on bitcoin and other rate-sensitive assets, but pointed to resilience in the crypto market. LMAX Group strategist Joel Kruger said bitcoin was holding near $80,000 following an aggressive August rally that had pushed momentum into overbought territory.
The Block also reported that U.S. spot bitcoin exchange-traded funds collected $987 million last week, extending inflows to three straight weeks. QCP Capital said day-to-day flow volatility looked more like traders adjusting positions ahead of upcoming data, with local resistance seen at $80,000 to $82,000 and support at $77,000 to $78,000.
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