Bitcoin Clings to $70,000: Can Crypto Shake off Employment Upset Before Monday?
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Friday's U.S. employment report triggered a wave of selling across the cryptocurrency market and Bitcoin, putting downward pressure on its price, which fell below the important psychological level of $70,000. After the data was released, Bitcoin’s price declined about 2.8-3%, reaching intraday lows around $69,000 — specifically near $69,430 — within a few hours.
The report sparked sharp two-sided “whipsaw” movements as market participants reassessed recession risk and the probability of Federal Reserve rate cuts. It came in significantly worse than expected, which alarmed the market.
Why "bad" labor data might be fuel Bitcoin bulls are waiting for
The U.S. economy unexpectedly lost 92,000 jobs, while forecasts had projected growth of 50,000-59,000. Meanwhile, the unemployment rate rose to 4.4%, one-tenth of a percentage point above expectations. Data for previous months was also revised downward, confirming a trend of cooling on the labor market.
A weak employment report typically increases expectations of Federal Reserve policy easing, meaning potential rate cuts, which in theory is positive for Bitcoin and cryptocurrencies as risk assets. However, the market’s immediate reaction was negative, primarily due to fears of a sharp economic slowdown, the so-called hard landing and a broader decline in risk appetite amid global instability.
BITSTAMP:BTCUSD, Source: TradingView" "QuoteRef">BITSTAMP:BTCUSD, Source: TradingView">For many, the current Bitcoin pullback is seen as a buy-the-dip opportunity, especially if Bitcoin can hold the key support zone around $69,000 and reclaim the $70,000-$71,000 range per coin.
The next major catalysts to watch are the February CPI report on Wednesday, March 11, and the FOMC meeting on March 17-18, where the rate decision and the press conference by Federal Reserve Chair Jerome Powell will take place.
At the moment, no rate cut is expected, but the dot plot and Powell’s comments on the softening labor market will be crucial. Any hint of faster or larger cuts later in 2026 may act as rocket fuel for BTC and the broader crypto market.
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source: https://www.tradingview.com/news/u_today:0d3a17000094b:0-bitcoin-clings-to-70-000-can-crypto-shake-off-employment-upset-before-monday/
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