Strong US Jobs Data Tests Bitcoin’s Bullish Momentum

Introduction

Crypto markets remain in focus as stronger US economic data, evolving regulation and growing institutional adoption shape investor sentiment. Bitcoin has faced renewed pressure after a strong US jobs report increased expectations of a possible Federal Reserve rate hike, while policymakers in the US, G20, and Thailand continue advancing frameworks for digital assets. Against this backdrop, Bitcoin’s technical outlook remains broadly constructive, although weakening momentum suggests that near-term consolidation may be developing.

Strong US Jobs Report Sends Bitcoin Below $80K

Bitcoin fell below $80,000 after a much stronger-than-expected US jobs report increased expectations that the Federal Reserve could raise interest rates in September. The economy added 162,000 jobs in August, far above forecasts of 53,000, while unemployment remained at 4.1%.

Following the report, the probability of a September rate hike rose to 58% from 49.4% a day earlier. Bitcoin dropped more than 2% from an earlier four-month high of $82,240 to around $79,300. US stocks and gold also weakened as Treasury yields rose.

Higher interest rates can pressure Bitcoin and other risk assets because safer investments such as US government bonds become more attractive. Despite the pullback, broader crypto sentiment remained positive, with Bitcoin ETFs recording about $731 million in net inflows.

G20 Backs Responsible Digital Asset Growth

G20 countries have expressed support for responsible growth in digital assets, saying technologies such as cryptocurrencies and stablecoins could contribute to broader economic growth. Under the US presidency, members agreed on the need for clearer rules that encourage innovation while protecting financial stability. The group also called for faster and more efficient cross-border payments and better sharing of financial data between countries. At the same time, officials are waiting for further work from the Financial Stability Board on global stablecoin arrangements. Overall, the message from the G20 was supportive of digital assets, but with a strong focus on regulation, oversight and financial stability.

SEC Eyes Blockchain in Major Transfer Agent Rule Overhaul

The US Securities and Exchange Commission has proposed a major update to rules for transfer agents, which help manage ownership records and securities transfers. Many of the current rules date back to the 1980s and were designed for paper-based systems. The proposed changes would address modern technologies such as blockchain recordkeeping, tokenized securities and automated market infrastructure. Transfer agents could face stricter requirements for reporting, cybersecurity, record protection and the use of outside service providers. The SEC says the goal is to modernize oversight while reducing risks as financial markets become more digital.

Technical Analysis

Bitcoin pulled back below the $80,000 mark after briefly reaching a four-month high of $82,266 earlier on Friday. The reversal followed a significantly stronger-than-expected US employment report, with the economy adding 162,000 jobs in August, nearly three times the 53,000 increase forecast by economists. The stronger labor-market data reinforced expectations that the Federal Reserve could consider another interest rate hike, placing renewed pressure on Bitcoin and other risk-sensitive assets.

From a technical perspective, Bitcoin remains within a broadly constructive structure following its decisive breakout above the key resistance level at $66,952.15. The subsequent move above the 200-period Exponential Moving Average (EMA) further supports the medium-term bullish outlook, while the bullish crossover between the 20- and 50-period EMAs, commonly known as a Golden Cross, reinforces the positive trend bias.

However, signs of fading upside momentum have started to emerge. The Momentum Oscillator has retreated from overextended levels and is now hovering just above the 100 baseline, indicating that bullish momentum is losing some strength. At the same time, the Relative Strength Index (RSI) has formed a bearish failure swing, suggesting that the market may be vulnerable to a corrective move. Combined with Bitcoin’s inability to sustain a breakout above the $81,492.33 resistance level, these developments point to an increased likelihood of near-term consolidation or a pullback.

A sustained break above $81,492.33 would strengthen the bullish outlook and could pave the way toward the next resistance levels at $82,836.32 and $84,289.94. Conversely, continued weakness in momentum could bring the $76,204.02 support level back into focus, followed by deeper downside targets at $72,507.38 and $69,413.71.

Thailand Tightens Crypto Rules With New Wallet Checks

Thailand is introducing stricter rules for cryptocurrency transfers to improve transparency and reduce money-laundering risks. From February 27, 2027, crypto companies will need to collect information about who is sending and receiving digital assets. Transactions involving self-custodial wallets, where users control their own private keys, will also require checks to confirm wallet ownership or control. Crypto operators must keep transaction records for at least five years and provide them to regulators when requested. The new rules bring Thailand closer to international anti-money-laundering standards, while the country continues exploring regulated crypto products such as Bitcoin and Ether ETFs.

Conclusion

Overall, the crypto market remains supported by growing institutional interest and continued progress toward clearer regulation, but near-term risks have increased. Strong US labor data has revived expectations of tighter Federal Reserve policy, weighing on Bitcoin as momentum begins to fade. While the broader technical structure remains constructive, traders may continue watching key support and resistance levels for signs of either renewed upside strength or a deeper correction.