Bitcoin volatility continues following strong US jobs data; corporate buyer resumes accumulation after two-month pause.
Macro & Markets ·
Bitcoin concluded August with a roughly 25% gain, marking its first positive month within a bear market cycle. The asset reached $82,400 early Friday before retreating sharply following a stronger-than-expected US jobs report, settling near $79,000 as market participants anticipated a more hawkish Fed stance. Altcoins demonstrated stronger momentum, with ZEC gaining 20% and UNI rising nearly 40% over the week.
A major corporate Bitcoin holder resumed accumulating after a two-month hiatus, purchasing 4,603 BTC for $370 million. The timing proved disadvantageous, as the entity had previously sold at lower prices. Bitcoin's price path reflected competing forces: a breakout above $79,000 on Thursday gained momentum through Friday morning, but the employment data release triggered an immediate pullback of roughly $2,000.
Despite this week's volatility and the jobs report reaction, Bitcoin has preserved most of its monthly gains relative to gold, which erased its August appreciation entirely. Whether the bear market framework remains intact or the monthly close signals a sustained shift in trajectory remains undetermined, with analyst sentiment cautious.