Friday U.S. jobs report sparked a sell-off across the crypto market, pushing Bitcoin below the key $70,000 psychological level. Following the data release, BTC dropped around 2.8–3%, hitting intraday lows near $69,430 within a few hours.
The report triggered sharp “whipsaw” price swings as traders reassessed recession risks and the chances of Federal Reserve rate cuts. The data came in far worse than expected, which rattled market sentiment.
The U.S. economy unexpectedly lost 92,000 jobs, while analysts had forecast job growth between 50,000 and 59,000. At the same time, the unemployment rate climbed to 4.4%, slightly above expectations. Previous months’ figures were also revised lower, reinforcing signs that the labor market is cooling.
Normally, weak employment data boosts expectations for Fed policy easing and potential rate cuts, which tends to support Bitcoin and other risk assets. However, the market initially reacted negatively as investors worried about a possible sharp economic slowdown a “hard landing and reduced risk appetite amid global uncertainty.
For many investors, the current pullback in Bitcoin is being viewed as a potential buy-the-dip opportunity, particularly if BTC manages to hold the key support area around $69,000 and push back above the $70,000–$71,000 range.
The next important events for the market will be the February CPI report on March 11 and the FOMC meeting scheduled for March 17–18, where the Federal Reserve will announce its rate decision followed by a press conference from Chair Jerome Powell.
While a rate cut is not expected at this meeting, traders will closely watch the dot plot and Powell’s remarks about the cooling labor market. Any signals suggesting quicker or deeper rate cuts later in 2026 could provide a strong bullish catalyst for Bitcoin and the wider crypto market.