Bitcoin fell below $69,000 after a U.S. jobs report showed 92,000 positions lost in February, pushing unemployment to 4.4%. The Bureau of Labor Statistics data triggered a market decline, with Bitcoin ETFs shedding $228 million on Thursday. Analysts suggest stability above $70,000 could signal a healthy market reset. Investors are now watching next week’s key inflation and labor data for further direction.
Bitcoin plunged more than 5% on Friday, trading around $68,300. The drop followed a jobs report which indicated the U.S. lost 92,000 positions in February and the unemployment rate rose to 4.4%.
U.S. Representative Darren Soto blamed President Donald Trump for the weakening labor market. “Job losses mount as Trump’s dismal economy continues to take its toll on American families,” he stated on X.
The president had not commented on the jobs report by Friday afternoon. On Truth Social, he instead addressed the U.S. conflict with Iran, declaring “There will be no deal with Iran except UNCONDITIONAL SURRENDER!”
In the derivatives market, nearly $370 million in positions were liquidated over the past day. According to CoinGlass, nearly half of that value came from Bitcoin positions.
Nexo analyst Iliya Kalchev viewed the price retrace as potentially constructive. He noted that “Stability above $70,000 would reinforce the idea that positioning has reset and that incremental supply is thinning.”
A slate of macroeconomic data is scheduled for release next week. Key indicators include the U.S. Consumer Price Index on Wednesday and core personal consumption expenditures data on Friday.
