The US jobs report showed unexpected data, hitting the Bitcoin market hard and triggering a further price decline. BTC is stuck at the $66,000 level, awaiting a broader rally.
The January jobs report in the United States sent a mixed message to the markets. On the one hand, non-farm payrolls grew by 130,000 jobs and the unemployment rate fell to 4.3%, while average hourly wages rose 0.4%, exceeding the expected 0.3%. Initially, these figures were interpreted as a sign of economic resilience and supported a brief rally in risk assets, including cryptocurrencies like Bitcoin.
However, everything changed quickly when investors incorporated downward revisions to the 2025 data, which eliminated nearly 1,000,000 previously reported jobs. This contrast eroded initial confidence and amplified intraday selling pressure, especially in macro-cyclical markets like crypto.
Impact on the price of Bitcoin and the cryptocurrency market
Amid all the major changes that occurred, Bitcoin is a true reflection of what happened in the market. After the data was released, BTC rose nearly 1% to almost $69,000, but the momentum was short-lived. As the negative revisions were digested, the price quickly retreated below $67,000 and even slipped below $66,000 in the same session.
Meanwhile, the derivatives market showed signs of adjustment. Implied volatility spiked as participants recalibrated expectations regarding the Federal Reserve’s timeline. Some traders began discussing a potential “slow bleeding” to lower levels, a scenario that could widen funding spreads and put additional pressure on leveraged long positions.
From a monetary policy perspective, the report reinforced the narrative of a patient Fed. The probability of a rate pause remained very high in market tools, exceeding 90% in some models, while prediction markets placed the probability in the high 80s.
Looking ahead to March, with a pause widely priced in, attention is focused on whether the next readings confirm the underlying slowdown or validate recent strength.
