Bitcoin price gives up key trend line as US jobs data deals 5% losses

A snap unemployment report sparks an instant risk asset sell-off, with BTC price action staying below $20,000 since.

Bitcoin (BTC) stayed near the lower end of its trading range into Oct. 8 after bulls failed to recoup macro-induced losses.

*BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView*

$20,000 disappears into weekend

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $19,500 at the time of writing.

Lows of $19,340 appeared on Bitstamp the day prior before consolidation began.

The pair had seen swift, if predictable, downside accompany United States unemployment numbers, crypto markets copying equities while the U.S. dollar gained.

*U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView*

Michaël van de Poppe, founder and CEO of trading firm Eight, described the unemployment rate as “way lower than expected.”

“This week economic’s data was conflicting,” he continued.

“Positive in the last part of the week with unemployment dropping from 3.7% to 3.5%, while earlier this week job openings and PMI data came in badly. Eyes now focused on earnings season, PPI and CPI coming week.”

On-chain analytics resourc