{"id":12712,"date":"2026-09-02T13:28:18","date_gmt":"2026-09-02T13:28:18","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12712"},"modified":"2026-09-02T13:28:18","modified_gmt":"2026-09-02T13:28:18","slug":"bitcoin-falls-below-77000-with-federal-reserves-trapped-between-jobs-and-oil","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12712","title":{"rendered":"Bitcoin falls below $77,000 with Federal Reserves trapped between jobs and oil"},"content":{"rendered":"

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Bitcoin fell below $77,000 as softer US labor data failed to dislodge expectations for another Federal Reserve rate increase.<\/p>\n

Data from CryptoSlate<\/em> shows the largest cryptocurrency traded around $76,985 as of press time after July job openings held at 7.3 million and hiring remained subdued.<\/p>\n

The release landed into a market already confronting $90 oil, rising Treasury yields and a Fed that has shifted sharply from discussing rate cuts to considering another hike.<\/p>\n

Data from CME FedWatch showed the probability of a September rate increase at 66%, up from about 60% following Fed Chair Kevin Warsh\u2019s Aug. 28 Jackson Hole speech.<\/p>\n

JOLTS did not make markets more hawkish. Instead, the report failed to overturn an inflation-driven repricing already reinforced by higher energy prices and Treasury yields.<\/p>\n

The Bureau of Labor Statistics reported 5.1 million hires and 3.1 million quits in July, with both measures little changed from the previous month. June openings were revised down by 177,000 to 7.2 million, while earlier estimates for hires and quits were also lowered.<\/p>\n

\"Infographic\"Infographic<\/p>\n

The softer turnover arrived less than three weeks before the Fed\u2019s Sept. 15-16 meeting, giving policymakers further evidence that the labor market is cooling without showing the type of contraction that would settle the policy debate.<\/p>\n

Warsh had already drawn that distinction at Jackson Hole. He said employment remained consistent with full employment and argued that unusually low turnover partly reflected the wave of worker and employer rematching that followed the pandemic.<\/p>\n

His concern instead remained inflation.<\/p>\n

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Related Reading<\/span><\/p>\n

Bitcoin faces a new macro test as Fed Chair Kevin Warsh highlights sticky inflation metrics<\/h3>\n<\/p>\n

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$90 oil keeps the hike trade alive<\/h2>\n

The inflation side of the debate strengthened elsewhere in Tuesday\u2019s data.<\/p>\n

The ISM manufacturing index eased to 54.6 in August from 55.6, while new orders fell to 53.7 from 56.7 and employment declined to 51.2 from 52.8.<\/p>\n

But prices barely moved.<\/p>\n

ISM\u2019s Prices Index held at 71.1 for a second month, while respondents cited fuel and oil-based products among commodities becoming more expensive.<\/p>\n

Crude then amplified the pressure. West Texas Intermediate surged 5.2% to settle at $90.22, while Brent gained 4.6% to $94.65 as the Iran crisis continued to unsettle energy markets.<\/p>\n