Bitcoin continued to weaken over the past 24 hours, falling to $78,564.71 and breaking below the $79,000 level. Stronger-than-expected U.S. employment data, combined with rising U.S. Treasury yields, weighed on risk assets overall, dragging down the crypto market as well.
Macroeconomic data suppresses risk appetite
The market has generally linked this pullback to the latest U.S. economic data. Stronger-than-expected employment figures have heightened expectations for a reassessment of interest rate expectations, pushing U.S. Treasury yields higher and reducing the short-term appeal of high-volatility assets.
Under this context, Bitcoin failed to hold within its previous rebound range, as selling pressure at higher levels reemerged. The price encountered resistance near $80,500 before retreating, indicating that upward selling pressure remains present.
Long positions being closed increase selling pressure
In addition to macroeconomic factors, leverage position adjustments amplified the decline. The report noted that leveraged long positions were liquidated, further increasing selling pressure and causing prices to drop sharply in a short period.
Meanwhile, large holders with short-term positions are currently holding approximately $9.07 billion in unrealized gains. This suggests that if the market continues to weaken, some profit-taking may intensify, adding further downward pressure on short-term price movement.
$78,000 is a short-term level to watch.
From the current price range, $78,000 is seen as a key short-term support level. If this level is broken, Bitcoin may next test around $77,200; if it holds, price may enter a consolidation phase.
The next key time point for the market is September 11, when the U.S. will release the August CPI data, a major macroeconomic factor seen as influencing the next phase of risk asset movements.
- 24-hour decline: 1.55%
- Latest price: $78,564.71
- Near-term resistance level: $80,500