Bitcoin Ignores U.S. Jobs Data as BTC Price Loses $66K Support
In recent days, the cryptocurrency market has witnessed notable volatility, with Bitcoin (BTC) dropping below the crucial $66,000 support level despite the release of key U.S. economic data, particularly the jobs report.
This development once again highlights the unique nature of the crypto market, which often moves independently of traditional financial indicators.
U.S. Jobs Data Overlooked by Bitcoin
Normally, U.S. jobs data is a strong signal for the overall economy and a guide to the Federal Reserve’s monetary policy. Higher employment figures tend to suggest continued monetary tightening, while weaker numbers may point toward easing or rate cuts.
Interestingly
Bitcoin showed little to no reaction to the latest jobs report
even as stock indexes and the U.S. dollar fluctuated.
This suggests that crypto investors are increasingly focusing on internal market dynamics — such as supply, demand, and institutional flows — rather than macroeconomic signals.
Losing the $66K Support
Technically
- the $66,000 level had been a solid support zone for Bitcoin in recent weeks.
- However, growing selling pressure caused a decisive break below it
- raising concerns among traders about the next move.
The market has shown signs of losing its bullish momentum
especially with profit-taking from large holders.
This breakdown has fueled speculation about possible retests of lower levels like $64,000 or even $62,000, particularly if institutional demand fails to pick up or a new catalyst doesn’t emerge.
Investors Caught Between Caution and Patience
Despite the dip, Bitcoin remains within a broader upward trend compared to the start of the year. Institutional interest hasn’t disappeared, but retail investors are showing greater caution, wary of a deeper correction.
Some analysts argue that this pullback is healthy, as it cools down the overheated market and allows for the formation of a stronger base for future rallies.
Other Pressures on the Market
Beyond the jobs data, several factors are currently influencing Bitcoin’s performance:
-
The U.S. dollar’s strength, which pressures risk assets.
-
Federal Reserve policy uncertainty, especially on the timing of rate cuts.
-
ETF inflows, which have become a key driver of crypto liquidity.
Outlook
While losing the $66,000 support is a bearish short-term signal, the broader outlook remains positive for many investors. Bitcoin continues to strengthen its role as a major investment asset, fueled by growing institutional adoption.
Observers note that
- the market now awaits a fresh catalyst
- whether greater institutional participation
- or favorable regulatory developments
to restore bullish momentum.
Until then, BTC is likely to trade within key support and resistance zones, influenced by both global economic conditions and crypto-specific events.