Bitcoin recently declined below $111,000 in response to a significant revision in US jobs data, where the Bureau of Labor Statistics cut 911,000 jobs, marking the largest reduction since 2009. This steep decline led to rising unemployment at 4.3% and a weaker job addition figure of only 22,000 in August, compared to the expected 75,000. Market analysts predict the Federal Reserve may cut interest rates in light of this weak labor market, with bond traders estimating a 92% chance of a 25 basis point cut in September. Historically, lower interest rates have led to rebounds in asset prices, and Bitcoin has already seen a 20.30% increase in 2025. Technically, Bitcoin is poised to challenge its record high of $124,500 as it rebounded from a rising wedge pattern. A decisive close above the $115,000–$116,000 resistance zone could signal a new bull phase for Bitcoin, aiming for targets near $129,000.

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