Bitcoin Slips Below $79K as Markets React to U.S. Jobs Data

Bitcoin dipped 1.55 percent over the last twenty four hours to trade at $78,564.71. The drop pushed the top cryptocurrency below the key $79,000 mark as strong U.S. jobs data and higher Treasury yields weighed down on risk assets. Traders also watched Bitcoin face a firm rejection near the $80,500 resistance level, which stopped its recent upward push.

Market data shows that short term whale accounts are holding about $9.07 billion in unrealized profits. This large amount of potential profit creates a risk of sudden sell offs if these large holders decide to cash out. At the same time, leveraged long liquidations added extra selling pressure to the order books during the morning trading hours.

Traders and market watchers are now keeping a close eye on the $78,000 support level. If this price floor holds steady, buyers might attempt another run at the $80,000 mark. A break below this support level could lead to a deeper correction in the short term.