Bitcoin Wavers as US Jobless Claims Plunge, Fed Rate Hike Bets Rise

Bitcoin faced renewed volatility on Thursday after stronger-than-expected U.S. labor data fueled speculation that the Federal Reserve could maintain its hawkish stance following its latest interest rate hike.

Initial jobless claims fell by 10,000 to 196,000 for the week ending September 12, according to U.S. Department of Labor data. The figure came well below the 207,000 forecast and the previous week's 206,000 reading. Meanwhile, the four-week moving average declined to 203,250.

The stronger labor-market data could support tighter Federal Reserve policy because fewer unemployment claims suggest businesses are limiting layoffs. A resilient jobs market gives policymakers more flexibility to focus on persistent inflation without immediately worrying that higher borrowing costs are significantly damaging employment.

The report arrived one day after the Federal Open Market Committee raised its benchmark interest rate by 25 basis points to a range of 3.75%-4.00%. The Fed cited solid economic growth, resilient domestic spending and elevated inflation among the factors behind its decision.

Fed projections also indicated the possibility of another increase this year, with the median year-end federal funds rate forecast at 4.1%. Goldman Sachs has also shifted its outlook toward another 25-basis-point hike, adding to concerns that tighter financial conditions could pressure Bitcoin and other risk assets.

Bitcoin initially climbed about 1.25% to $76,800 following the jobless claims release before reversing course. BTC later traded around $76,051, down approximately 1% over the previous hour.

Technical traders are now watching several important Bitcoin price levels. Analyst Ted Pillows identified approximately $82,000 as a key higher-high area, while Michaël van de Poppe highlighted resistance near $77,500.

Van de Poppe's chart showed Bitcoin bouncing from around $75,584 before approaching the resistance zone. A larger barrier sits between roughly $80,500 and $81,200.

A decisive move above these resistance levels could strengthen Bitcoin's short-term momentum, while continued rejection may keep BTC under pressure as traders assess upcoming Fed policy and inflation risks.