Bitcoin (BTC) Slips Below $80,000 After Strong US Jobs Data

Bitcoin (BTC) Back Under the Round Number

Bitcoin (BTC) slipped back below the psychologically important $80,000 line on Saturday, with live market monitoring showing the asset changing hands near $79,886 on Binance's USDT pair, one of the venues covered in our Best Crypto Exchanges guide. The break capped a choppy stretch: after a stronger-than-expected US jobs report on September 5, BTC retreated as far as $79,701, surrendering part of a monthly advance that had lifted the asset roughly 25% and briefly carried it above $80,000 in late August before a pullback toward $76,000 — the kind of vertical run that cycle-timing tools such as a Bitcoin Rainbow Chart guide frame as overheated. It was the kind of session our Bitcoin market desk has grown used to: macro repricing, expiry mechanics and thin weekend books all converging on one level. Liquidity was already shallow — in a recent weekend lull, South Korea's Upbit saw BTC turnover collapse 37.5% below the 1 trillion won mark — and thin books amplify moves in both directions. Derivatives positioning explains much of the immediate pressure. Exchange options data shows roughly 81,700 BTC contracts, about $6.44 billion in notional value, scheduled for expiry — close to 20% of the venue's open interest — split between 44,639 call contracts and 37,061 puts. Call options, which grant the right to buy BTC at a fixed strike, cluster at $75,000 (about $236 million in open interest) and $80,000 (about $157 million). Deribit chief risk officer Shaun Fernando noted that with a large share of sub-$80,000 calls moving into profit, market makers' hedging burden increased — a mechanism that can pin spot near crowded strikes and then release it once expiry passes. Whether sellers can convert $80,000 into firm resistance on any bounce is the near-term question traders are now pricing.

Long-Term Holder Signals Diverge

On-chain data complicates the bearish read, because the oldest coins on the ledger are moving — but not necessarily toward exchanges. CryptoQuant metrics show the 90-day moving average of spent UTXOs held for more than five years climbing to 1,500 BTC, evidence that coins from the earliest cohort, the original crypto whale base, are changing wallets. One CryptoQuant analyst observed that the prolonged range had made nearly everyone, even OG HODL veterans, question their conviction. The caveat is mechanical: spent-UTXO data cannot distinguish an exchange deposit from wallet reorganization or a custody migration, so old-coin movement alone is not confirmed distribution. Other long-term holder gauges point the opposite way. The seven-day simple moving average of LTH Binary CDD — a measure of how intensely aged coins are being spent — fell from 0.85 on August 25, when sell pressure peaked, to 0.14 now. Spot exchange netflows turned less negative over the same window: net outflows shrank from $252.4 million on September 4 to just $4.03 million by midday September 5, meaning the withdrawal-driven bid weakened but did not vanish. Valuation context matters too. Glassnode's data places long-term holder supply concentrated between $83,000 and $86,000, with the major accumulation band at $62,000–$65,000. At the August high, 68% of circulating supply sat in profit — a level that historically tempts profit-taking — while spot Bitcoin ETF demand averaged $290 million in daily inflows, cushioning the supply overhang. For longer-horizon holders the lesson is procedural rather than predictive: our earlier analysis found that missing just five of 2026's best trading days turns a 9% annual loss into a 36% one. Whether these mixed signals align in one direction will decide the next leg. Readers tracking the market in real time can follow live spot and futures prices on Binance.

$79,824 Shelf Under Watch

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $79,824 support at 90/100 (STRONG) on the confluence of a flip of resistance into support, the Fibonacci 0.114 level and Ichimoku Tenkan — and live spot at $79,829 sits directly on that shelf. Overhead, the $83,391 resistance scores 80/100 from ATR Upper, Donchian Upper and Swing High sources. Positioning stays mildly constructive: funding of 0.0011%, $15.65 billion in open interest and a 1.13 long/short account ratio (53.1% long), while the Fear & Greed Index at 73 (Greed) argues against capitulation. With RSI at 66.8 and a bearish MACD signal inside a sideways trend, a daily close below the $77,580 support (70/100) would invalidate the range thesis; reclaiming $80,000 opens the path to $83,391.