February’s U.S. jobs report surprised on the downside, with the economy shedding 92,000 positions instead of adding the expected 59,000. The unemployment rate also rose to 4.4%, slightly above forecasts, signaling a softer labor market than anticipated.
Bitcoin hovered around $70,000 after the release, showing little appetite for a relief rally. While weaker jobs data typically raises hopes for Fed rate cuts—which could benefit crypto—other market pressures are weighing heavily. Oil prices surged over 6% to around $86 per barrel amid geopolitical tensions, equities slid, and traders are closely watching energy-driven inflation.
The mix leaves Bitcoin caught between its “digital gold” narrative and broader risk-off moves, with tech stocks and high-beta assets under pressure. Traders see the jobs miss as a warning rather than a clear signal to push markets higher, as growth concerns, sticky inflation, and ongoing geopolitical risks limit the Federal Reserve’s room to ease aggressively.
