MarketPR
August's nonfarm payrolls report surprised sharply to the upside, sending $BTC back below the $80,000 level as traders repriced the probability of a Federal Reserve rate cut this month.
The labor market data arrived stronger than the market had been positioned for, and the immediate read was a reversal in the crypto setup that had been built around easing expectations.
Bitcoin generates no yield, so it benefits when the path to lower rates looks clear. Heading into the August print, a softer labor market would have kept a cut this month on the table and sustained that tailwind.
The US economy added jobs in August at a pace that landed well above expectations, which gave traders reason to mark down those odds. The next confirmable catalyst is the Federal Reserve's rate decision for this month.
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