Bitcoin Struggles to Maintain Gains as Jobless Claims Data Stiffens Fed Resolve

The U.S. Department of Labor report revealed that new unemployment benefit applications fell to 196,000 for the week ending September 12, down from 206,000 the previous week. This unexpected tightness in the labor market arrived just one day after the Federal Open Market Committee raised its target rate by 25 basis points to a range of 3.75%–4.00%. With inflation still hovering above the central bank’s 2% goal, the data provides officials with fewer reasons to pivot away from restrictive borrowing costs.

For digital asset markets, the environment remains precarious. Higher rates increase the appeal of U.S. government debt, often siphoning capital away from risk-sensitive holdings like Bitcoin. Goldman Sachs has already adjusted its outlook to include an additional 25-basis-point increase this year, citing mixed signals from Fed officials. This shift in sentiment is reflected in the technical landscape, where Bitcoin remains trapped below its 20-day simple moving average of $78,104.

Market participants are now watching the $77,500 level as a primary resistance threshold. Analyst Michaël van de Poppe noted that breaking this barrier is essential for regaining upward momentum, while further supply zones loom between $80,500 and $82,000. Conversely, should the price fail to hold, attention will likely shift back to support near $75,584 and liquidation clusters at $74,600. Beyond macro pressures, legislative setbacks—including the Senate’s failure to advance the Digital Asset Market CLARITY Act—continue to weigh on investor sentiment.