- Bitcoin price falls below $80,600 after payrolls beat forecasts, weakening Ali Martinez’s bullish retest.
- U.S. employers added 162,000 jobs in August, while unemployment stayed at 4.1%, reviving interest-rate hike bets.
- Bitcoin ETFs took in $730.87 million, while spot volume rose three to four times and whale deposits topped 2,000 BTC hourly.
Bitcoin price fell below the $80,600 breakout level after a stronger U.S. jobs report pressured risk assets. BTC had climbed to $82,280 before returning to test former resistance as support. Ali Martinez said holding $80,600 could open a move toward $85,000. The later drop toward $79,563 leaves that bullish retest unconfirmed.
Bitcoin price must reclaim $80,600 to restore breakout
The hourly chart shows a breakout from a parallel channel. The move above $80,600 established a peak near $82,280. Still, the retest needs sustained candle closes above the former ceiling.
A recovery above $80,600 would revive the BTC breakout and keep $85,000 in view. That target sits about 5.5% above the support level. Continued weakness could return price toward the channel.
Moustache said BTC has returned to its weekly Gaussian Channel, which marked previous market bottoms. That historical pattern supports a wider recovery case but does not confirm the hourly setup.
Bitcoin price also faces resistance near the May high at $82,793. Reuters identified support at $75,674 and $71,781 if selling deepens. A break above the May high could bring $90,000 into view.
ETF inflows and whale deposits meet stronger jobs data
U.S. spot Bitcoin ETFs attracted $730.87 million on September 3. BlackRock’s IBIT led with about $454 million, representing roughly 62% of the total.
CryptoQuant reported that spot activity increased three to four times during the rally, with Binance handling the largest share. Whale inflows repeatedly exceeded 2,000 BTC hourly, while average deposits passed 50 BTC.
Meanwhile, August payrolls increased by 162,000, compared with a 56,000 forecast. Unemployment stayed at 4.1%, and annual wage growth measured 3.1%. The BLS also revised June and July payrolls upward by a combined 55,000 jobs.Â
That move raised the estimated September rate-hike probability to 62% after the release. The report lifted Treasury yields and renewed expectations for another Federal Reserve rate increase.
Bitcoin price then traded near $79,563, below the analyst’s breakout threshold. Bitcoin price must recover $80,600 before $85,000 returns as a confirmed near-term target.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
