Bitcoin faced renewed selling pressure after a failed push above $77,000, responding to a batch of stronger-than-expected US labor data and a recent interest rate hike by the Federal Reserve. The initial jobless claims for the week ending September 12 dropped to 196,000, falling short of economists’ estimates of 208,000 and marking the lowest figure since mid-July.
Robust Labor Market Data Influences Policy Outlook
The US Department of Labor reported that jobless claims decreased by 10,000 compared to the previous week, when claims had stood at 206,000. Additionally, the four-week moving average declined to 203,250, reflecting continued resilience in the labor market. These figures provided input for the Federal Reserve’s latest policy meeting, where officials decided to raise the target interest rate range by 25 basis points to 3.75%–4.00%. All twelve committee members supported the increase.
Labor data offer an early signal on layoffs, with the latest reading pointing to stable employment. Although weekly numbers can display volatility during holiday periods such as Labor Day, the broad trend suggests a firm jobs market.
Federal Reserve officials assessed that economic activity has maintained momentum, citing robust consumer spending and ongoing investment. Inflation also remains above target, prompting the central bank to reinforce its commitment to controlling price pressures with tighter monetary policy.
Fed Tightening and Bitcoin Price Action
A stronger labor market means fewer indications of underlying weakness in employment. Consequently, inflation and economic growth will remain central factors in shaping future policy decisions. Rising interest rates tend to make government bond yields more attractive, while increasing costs for leveraged trading and business operations in both traditional and digital asset markets.
Federal Reserve projections show the federal funds rate is likely to average 4.1% by the end of 2026, signaling more tightening ahead compared to the current 3.75%–4.00% range. Still, policymakers noted that these forecasts represent expectations rather than preset commitments, leaving room for adjustments as economic conditions evolve.
Bitcoin initially rose around 1.5% to a high of approximately $77,130 as jobless claims data was published but retraced those gains later in the session. The price subsequently fell back near $76,501. Market data also show recent volatility, with Bitcoin reaching about $79,800 on September 11, dropping to $74,944 just days later, and then recovering into the mid-$76,000 range.
Technical Levels and Analyst Perspectives
Short-term technical indicators continued to signal tepid momentum for Bitcoin. The price remained below its 20-day simple moving average, situated near $78,104, with the four-hour relative strength index hovering below the neutral 50 level. Chaikin Money Flow also showed negative readings, reflecting limited buying pressure.
Bitcoin traded between two closely watched liquidity zones, with notable downside support at $74,600 and upper resistance near $77,700. Neither zone has seen a sustained breakout in recent sessions.
In addition to technical readings, the regulatory environment remains a factor. The US Senate did not advance H.R. 3633, the Digital Asset Market Clarity Act, following a narrow 49-50 vote—short of the 60 votes needed to proceed.
Recent analysis from Michael van de Poppe identified $77,500 as the initial resistance level for Bitcoin, highlighting a potential path towards the 20-day moving average at $78,104 if price clears this barrier. He also mapped secondary resistance between $80,500 and $81,200, while analyst Ted indicated that the $82,000 area represents a higher high yet to be tested.
The technical setup and analyst commentary suggest a focus on these resistance and support zones, as market participants watch for further moves following the positive labor data and interest rate shift.
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Currently, Bitcoin price trades below its first resistance level amid strong employment data and continued tightening from the Federal Reserve.
