Friday’s U.S. employment report triggered a wave of selling across the cryptocurrency market and Bitcoin, putting downward pressure on its price, which fell below the important psychological level of $70,000. After the data was released, Bitcoin’s price declined about 2.8-3%, reaching intraday lows around $69,000 — specifically near $69,430 — within a few hours.

The report sparked sharp two-sided “whipsaw” movements as market participants reassessed recession risk and the probability of Federal Reserve rate cuts. It came in significantly worse than expected, which alarmed the market. 

Why “bad” labor data might be fuel Bitcoin bulls are waiting for

The U.S. economy unexpectedly lost 92,000 jobs, while forecasts had projected…