Why is bitcoin down so much today despite the positive macro news in the US?

It was just several hours ago that the primary cryptocurrency topped $87,000 for the first time in about ten days after the softer-than-expected US jobs report came out.

Although that should be considered bullish for risk-on assets, especially when it’s aligned with the positive data from the PCE report earlier this week, the subsequent effects on BTC’s price were dramatically different.

After all, a weaker labor market combined with lower inflation than expected should, at least in theory, reduce some of the pressure on the US Federal Reserve for more immediate hikes. Perhaps that’s why…