Bitcoin Clings to $70,000: Can Crypto Shake off Employment Upset Before Monday?

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Friday's U.S. employment report triggered a wave of selling across the cryptocurrency market and Bitcoin, putting downward pressure on its price, which fell below the important psychological level of $70,000. After the data was released, Bitcoin’s price declined about 2.8-3%, reaching intraday lows around $69,000 — specifically near $69,430 — within a few hours. Advertisement The report sparked sharp two-sided “whipsaw” movements as market participants reassessed recession risk and the probability of Federal Reserve rate cuts. It came in significantly worse than expected, which alarmed the market. Why "bad" labor data might be fuel Bitcoin bulls are waiting for The U.S. economy unexpectedly lost 92,000 jobs, while forecasts had projected growth of 50,000-59,000. Meanwhile, the unemployment rate rose to 4.4%, one-tenth of a percentage point above expectations. Data for previous months was also revised downward, confirming a trend of cooling on the labor market. HOT Stories Crypto Market Review: Ethereum (ETH) Hits First Bullish Setup in 2026, Bitcoin Must Get Comfortable in $70,000s, Was Shiba Inu (SHIB) Price Neutralized? Ripple CTO Emeritus Reacts to XRP Price, Shiba Inu Prints 666% Spike in Futures, Dogecoin Erases Zero — U.Today Crypto Digest A weak employment report typically increases expectations of Federal Reserve policy easing, meaning potential rate cuts, which in theory is positive for Bitcoin and cryptocurrencies as risk assets. However, the market’s immediate reaction was negative, primarily due to fears of a sharp economic slowdown, the so-called hard landing and a broader decline in risk appetite amid global instability. Advertisement BTC/USD, Source: TradingView For many, the current Bitcoin pullback is seen as a buy-the-dip opportunity, especially if Bitcoin can hold the key support zone around $69,000 and reclaim the $70,000-$71,000 range per coin. You Might Also Like Fri, 03/06/2026 - 15:41 $50,000 BTC in 2026: Bloomberg's Commodities Strategist Names Bitcoin "Young Bear" By Gamza Khanzadaev The next major catalysts to watch are the February CPI report on Wednesday, March 11, and the FOMC meeting on March 17-18, where the rate decision and the press conference by Federal Reserve Chair Jerome Powell will take place. Advertisement At the moment, no rate cut is expected, but the dot plot and Powell’s comments on the softening labor market will be crucial. Any hint of faster or larger cuts later in 2026 may act as rocket fuel for BTC and the broader crypto market. #Bitcoin #Bitcoin News