Bitcoin (BTC) Crashes Below $70K as Weak US Jobs Data Fails to Spark Risk Asset Rally

Bitcoin’s price plunged below the critical $70,000 support level on Friday as disappointing US employment data sent shockwaves through the cryptocurrency and broader financial markets. The leading digital asset saw a sharp 3% decline, hitting $68,176 on Bitstamp, as traders reacted to signs of mounting economic pressure.

The latest nonfarm payrolls report from the Bureau of Labor Statistics delivered a stark surprise, revealing that the US economy shed 92,000 jobs in February—a stark contrast to the expected 58,000 job gain. The unemployment rate also ticked higher to 4.4%, signaling mounting pressure on the labor market. This marks only the second monthly job loss since the pandemic-driven downturn of 2020, according to analysts.

“Clearly, the US labor market is weakening,” noted The Kobeissi Letter, a prominent trading resource, in a post on X (formerly Twitter). Historically, such economic strain has fueled speculation of Federal Reserve interest rate cuts, which tend to benefit risk assets like Bitcoin. However, this time, the market reaction was muted.

Despite the softer employment data, the CME Group’s FedWatch Tool shows that traders still see little chance of a rate cut at the Federal Reserve’s upcoming March 18 meeting. Market expectations for 2026 remain hawkish, with just one rate cut priced in for the year. This lack of dovish sentiment weighed heavily on both crypto and traditional markets.

Bitcoin’s slump mirrored the broader risk-off sentiment, with the S&P 500 and Nasdaq Composite Index falling 1.5% and 1.3%, respectively. Even gold, often seen as a safe-haven asset, was the only major market to gain, rising 1.5% to $5,155 per ounce.

The latest price action in Bitcoin has left traders frustrated as the cryptocurrency failed to break out of its narrow trading range. Bitcoin has now “round-tripped” its recent breakout attempt, a pattern that has repeated several times in 2025. On-chain analyst J. A. Maartunn of CryptoQuant highlighted this trend, warning that history may repeat itself.

“The latest deviation just occurred around $71K. If history repeats, this level may again act as a trap for late longs,” Maartunn cautioned. His analysis pointed to three previous failed breakout attempts in recent months, each ending in a retreat to lower levels.

Bitcoin’s price has now returned to key long-term support levels, including the 200-week exponential moving average (EMA) and the 2021 all-time high. Keith Alan, co-founder of Material Indicators, summed up the sentiment succinctly: “Looks like $BTC is round tripping the range…again.”

The lack of a sustained breakout has left many traders questioning Bitcoin’s near-term trajectory. Earlier this week, Cointelegraph reported on growing expectations for further downside, despite Bitcoin’s brief rally to monthly highs above $74,000.

With macroeconomic uncertainty persisting and the Federal Reserve maintaining a cautious stance, Bitcoin’s path forward remains clouded. Traders and investors will be closely watching for signs of either a deeper correction or a potential reversal as the market digests the latest economic data.

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