Key Points:
Bitcoin was disappointed with the volatility of US employment data, resulting in diving under $111,000.
BTC price action abandons all profits and gold reaches an all-time high.
Traders are maintaining expectations for a $100,000 support retest.
Bitcoin (BTC) reversed its volatility at Wall Street Open on Friday.
Goldbeat Records The US labor market is “deteriorating rapidly”
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached its new September high of $113,400, dropping $3,000 for nearly an hour.
The US Non-Agricultural Payroll (NFP) in August confirmed that the economy added 22,000 jobs.
As a result, the US dollar’s strength plummeted, and gold reached a new record high.
In response, market participants agreed that the course is currently set to a major risk asset tailwind event.
Data from CME Group’s FedWatch tool highlighted the possibility of such results.
“This marks the second lowest employment report number since July 2021,” trading resource written by Kobeissi’s letter in part of X’s thread.
“The labor market is rapidly deteriorating.”
Kobeissi noted that the number of duties in the past few months has also been revised.
“The labor market is much worse than you think. Not only is the job in June negative, but the US economy lost -357,000 full-time jobs in August,” added founder Adam Kobeissi.
Bitcoin price doubles for a $100,000 dip
Despite the positive implications of NFP prints against Bitcoin, BTC price action provided a significantly inactive response.
Related: Bitcoin Set 2024 Style Bear Trap “Major Short Squeeze”: Trader
This was not lost in some market participants, including popular commentator Whalepanda.
Who banned Bitcoin? pic.twitter.com/iokhtc7z3o
– Whalepanda (@Whalepanda) September 5, 2025
Instead, traders turned to key levels of resistance that still needed to flip for support. Popular trader Daan Crypto Trades flagged the 200th Simple (SMA) and Exponential (EMA) moving averages over a four-hour time frame.
“The 4H 200MA and EMA are generally considered good momentum indicators for short time frame to medium-term trends. Both of these have served as resistance for the past few weeks and are being tested again,” part of the X post explained.
“This is a very important level to collect for more benefits,” fellow trader Zyn agreed on the pre-NFP price range, adding, “The Bulls are coming back for good.”
A bearish perspective remained as Crypto investors and entrepreneurs Ted Pillow repeats hopes of a drop to $100,000.
“And if this level is not maintained, BTC could reach a gap level of around $92,000 to $94,000,” he warned that day.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
