Bitcoin (BTC) Price: Falls to $68K After U.S. Loses 92,000 Jobs in February

TLDR

• Bitcoin fell 3.4% to around $68,000 on Saturday after hitting $74,000 mid-week
• The U.S. lost 92,000 jobs in February, pushing unemployment to 4.4% and rattling markets
• The U.S. dollar posted its steepest weekly gain in a year, adding pressure on crypto
• Whales sold roughly 66% of recently accumulated BTC while retail investors kept buying
• Spot Bitcoin ETFs saw $348.9 million in outflows — their largest single-day outflow in three weeks

Bitcoin started the week with promise but ended it under pressure. The price climbed to $74,000 on Thursday before reversing, dropping back to around $68,000 by Saturday morning — a 3.4% fall in 24 hours.

The retreat came after the Bureau of Labor Statistics reported that the U.S. economy lost 92,000 jobs in February. That was far worse than the 50,000 gain economists expected. The unemployment rate rose from 4.3% to 4.4%.

The jobs report hit traditional markets too. The Dow Jones fell more than 900 points in Friday’s opening minutes. The Nasdaq dropped 1.7%.

Other major cryptocurrencies also fell. Ether dropped 4.4% to $1,974. Solana lost 4% to $84.31. Dogecoin fell 2.9% to $0.09. XRP slid 2.2% to $1.37.

Despite Friday’s pullback, most major coins were still up on the week. Bitcoin gained 3.6% over seven days. Ether added 2.6%. BNB rose 2.1%.

Whale Selling and ETF Outflows

Data from Santiment showed that whales — wallets holding between 10 and 10,000 BTC — built up positions between February 23 and March 3 when Bitcoin traded between $62,900 and $69,600. Once Bitcoin climbed past $70,000 and hit $74,000, those same whales sold roughly 66% of what they had accumulated.

At the same time, retail investors — those holding under 0.01 BTC — were buying. Santiment noted this pattern typically means the correction isn’t over.

Spot Bitcoin ETFs recorded $348.9 million in net outflows on Friday, the largest single-day outflow since February 12.

Macro Headwinds

The U.S. dollar posted its biggest weekly gain in a year. Rising oil prices — Brent crude hit $90 a barrel, up more than 20% in a week — and ongoing conflict in the Middle East pushed inflation fears higher, reducing the chances of near-term Fed rate cuts.

Glassnode data showed 43% of Bitcoin’s total supply is now sitting at a loss. This creates selling pressure each time prices rise, as holders look to break even.

One possible bright spot: net stablecoin inflows jumped 415% to $1.7 billion for the week, suggesting some capital is sitting on the sidelines.

Economist Timothy Peterson noted that Bitcoin’s current price level has historically marked a bottom, citing a 99.5% probability that BTC stays above $60,000.

The Crypto Fear & Greed Index fell to a score of 12 on Saturday, placing it in “Extreme Fear” territory.

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