Bitcoin Slides Toward $68K as Weak US Jobs Data Fails to Lift Risk Assets
Bitcoin fell below $70K during Friday’s Wall Street session, dropping over 3% to around $68,176 after disappointing US labor data triggered a broader market sell-off.
The US economy lost 92,000 jobs in February, sharply missing expectations for a 58,000 gain, while the unemployment rate rose to 4.4%. Despite clear signs of labor market weakness, markets still expect the Federal Reserve to stay hawkish, pricing in only one rate cut in 2026.
Risk assets reacted negatively. The S&P 500 and Nasdaq both declined, while gold surged to $5,155, showing a continued flight to safety.
For Bitcoin, the bigger frustration for traders is the repeated failed breakout above $71K. Each attempt above the range high has been sold off, turning into a trap for late longs.
Price has now returned to key technical levels, including the 2021 all-time high zone and the 200-week EMA, keeping BTC stuck in its broader consolidation range.
📉 If this pattern continues, the market may see another period of sideways movement before a decisive breakout.