Bitcoin Under Pressure After Strong US Jobs Report

Bitcoin traded near Rs.75 lakh on Monday as the cryptocurrency market remained under pressure following stronger-than-expected US jobs data, which increased expectations of a Federal Reserve rate hike in September. According to CoinGecko data, Bitcoin was trading around $79,500, or approximately Rs.75.1 lakh, while Ethereum was near $2,500, or around Rs.2.3 lakh. Bitcoin declined about 0.5 percent over the previous 24 hours, while major altcoins showed mixed momentum. Analysts said the broader recovery remains intact, but Bitcoin is currently going through a consolidation phase as investors assess the impact of changing US monetary policy expectations.

Despite the macroeconomic pressure, crypto-specific demand continues to provide support. Spot Bitcoin ETFs recorded more than $986 million in net inflows during the week, while improving on-chain and technical indicators pointed to a constructive broader market structure. Analysts identified the $78,000-$78,800 range as an important support zone and $81,200-$82,300 as a key resistance area. They said the upcoming US CPI data and the Federal Reserve’s September meeting could provide a major catalyst for the next market move, while advising investors to remain cautious around resistance levels and avoid excessive leverage.