The post Here’s Why The Bitcoin Price Crashed Below $54,000 appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. The Bitcoin price dropped below $54,000 on September 6 as the flagship crypto experienced a massive wave of sell-offs from traders. This price decline was sparked by developments on the macroeconomic side, which painted a bearish outlook for Bitcoin.  Related Reading Bitcoin Slides Following Weak Job Report Bitcoin’s price retreated following a weak August job report. Data from the US Bureau of Labor showed that the unemployment rate fell to 4.2% while the labor market added 142,000 nonfarm payroll jobs. While the unemployment rate was in line with expectations, the job additions were lower than the expected 164,000, initially estimated by market experts.  This further casts doubt on Bitcoin’s trajectory, considering how fragile the US economy looks at the moment. This poses a threat to risk assets like the flagship crypto. The bearish outlook for Bitcoin was further heightened by the revisions to the July and June job reports, which showed that the US added fewer jobs than was initially reported in those months.  Earlier, Bitcoin had already had an unpleasant start to September, which is historically very bearish for the leading crypto. NewsBTC reported that Bitcoin had suffered a price crash earlier in the week due to the markets still feeling the effects of the Yen carry trade and following significant volatility in the US stock market, with over $1.05 million being wiped out on September 3.  Macroeconomic factors remain primarily responsible for Bitcoin’s recent bearish price action and the broader crypto market, especially with a rate cut from the US Federal Reserve still in the balance. It is worth mentioning that the July job reports (the lowest job additions over the last two years) and the Yen carry trade were responsible for the August 5 market crash, which caused Bitcoin to…

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Filed under: News - @ September 7, 2024 8:30 pm