Bitcoin price tests $85k support as liquidations surge ahead of US Jobs data
The post Bitcoin price tests $85k support as liquidations surge ahead of US Jobs data appeared on BitcoinEthereumNews.com.
Bitcoin price approached the $85,000 support level earlier today amid increased liquidations ahead of the release of U.S. jobs data later today. Summary Bitcoin price fell over 4% on Tuesday and retested the $85k support multiple times. Over $169 million in long positions were liquidated from the Bitcoin Futures market. According to data from crypto.news, Bitcoin (BTC) fell sharply from over $89,000 yesterday to a low of $85,427 today, before recovering slightly to $85,798 at press time, down 4.2% on the day. At this price, it is down 9.3% from last Thursday’s high and nearly 32% below its year-to-date high. The bellwether asset’s price dipped sharply as investors remained cautious ahead of the U.S. jobs data set to be released at 8:30 AM ET today. The latest non-farm payroll data will provide insight into the strength of the labor market. Economists polled by Reuters expect the upcoming report to show the labor market was sluggish in October, with estimates that the economy added 55,000 jobs, almost half of the previous month. While a slowdown in job creation typically means lower inflation risks and gives more room to the Fed to cut interest rates, investors likely continue to be cautious, especially since the Fed hinted at only one cut set for 2026 after slashing interest rates by 0.25% just a week earlier. For context, cryptocurrencies, including Bitcoin, tend to rally when more Fed rate cuts are expected and drop when the central bank withholds or increases interest. The broader uncertainty regarding the Fed’s decision has likely led to profit-taking among investors, which triggered massive liquidations as highly leveraged traders were forced to exit positions. Such moves often trigger a liquidation cascade as long positions fall one by one. Data from CoinGlass shows the broader crypto market experienced $653.4 million in liquidations,…
Filed under: News - @ December 16, 2025 8:27 am