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Bitcoin slips below $79,000 as Fed-hike odds stay near 60%
Bitcoin traded around $78,800, with analysts warning upcoming CPI prints could challenge the $77,000 support level.
Bitcoin slid to just below $79,000 on Tuesday, staying under the $80,000 level as most major cryptocurrencies declined. CoinDesk data showed BTC changing hands at about $78,800, down more than 1% on the day while still holding a small weekly gain.
The selloff was tied to rising Treasury yields and stronger-than-expected August payrolls, which kept the market-implied probability of a quarter-point Federal Reserve rate hike next week near 60%. CoinDesk said inflation reports due Thursday and Friday could lift rate-increase expectations further and put Bitcoin’s $77,000 support level at risk.
Zcash fell nearly 5% to about $1,125, after a run that left it up 33% over seven days, the largest weekly gain among large caps. Other decliners included Hyperliquid’s HYPE down more than 3% to around $84 and Solana down over 2% to just above $103, erasing their weekly advances.
Ether slipped about 1% to just under $2,482, while XRP edged to $1.39 and Tron held near 33 cents. CoinDesk also noted that Joel Kruger of LMAX Group said crypto has absorbed the macro headwinds without meaningful technical damage, as the 10-year Treasury note hovered near 4.8% after payrolls came in at 162,000 versus forecasts near 53,000.
Latest closeBitcoin $82,994.40 ▼0.6%|Solana $118.27 ▼0.5%|XRP $1.518 ▲1.5%