BTC Price Dives as Traders Shrug Off Major Fed Tailwind
The highly anticipated US nonfarm payrolls (NFP) report missed expectations by a wide margin — but instead of celebrating, Bitcoin (BTC) gave up all of its gains, sliding from $113,400 to under $111,000 in just one hour.
The August NFP showed just 22,000 jobs added, compared to the forecasted 75,000, signaling what many see as a rapidly weakening labor market.
"This marks the 2nd lowest jobs report number since July 2021,” noted The Kobeissi Letter on X.
Gold Soars as Dollar Weakens, But BTC Lags
In a typical flight-to-safety scenario, gold surged to new all-time highs, while the US Dollar Index (DXY) dropped sharply. Many expected Bitcoin to follow suit, especially with rate cuts now on the table for the Sept. 17 FOMC meeting.
- CME FedWatch Tool shows a strong likelihood of a Fed rate cut
- Economic revisions show June’s jobs were negative, and 357,000 full-time jobs were lost in August, per Kobeissi
Despite this macro backdrop favoring risk assets, Bitcoin's price action was muted, leaving bulls disappointed.
Analysts Eye Crucial BTC Support Levels
Market analysts now focus on key technical indicators for short-term BTC momentum:
- 200-period SMA & EMA (4H chart) remain strong resistance
- $113K is the breakout level to reclaim for further upside
- Failure to hold current support could send BTC toward the $100,000 mark or even the $92K–$94K CME gap area
“This is a very crucial level to reclaim for more upside,” said trader ZYN.
“If this level doesn’t hold, BTC could go around $92K-$94K,” warned Ted Pillows.
Final Thoughts: Bitcoin’s Next Move Hinges on $100K Support
With gold breaking records and the Fed now expected to pivot dovish, Bitcoin’s weak response is puzzling. The market may still digest broader macro shifts, or traders may simply be bracing for a deep correction before any meaningful upside resumes.
Either way, $100,000 has become the key line in the sand. A bounce could reignite bullish momentum. A break could usher in a deeper slide.
🔥 Power Your Crypto Journey with KXZ Store
Stay ahead in the crypto markets with the right tools from KXZ Store:
✅ Binance Gift Cards (USDT/USDC) – Grab yours here
✅ Whitebit Voucher & Top-Ups – Top up now
✅ Crypto Vouchers for flexible gifting – Explore options
✅ Gift Me Crypto Cards – Send crypto the smart way
Whether you’re stacking sats or sending crypto to friends, KXZ Store has what you need — fast, secure, and trusted.