Bitcoin struggles below $77,000 amid US economic uncertainty

Bitcoin has struggled to maintain levels above $77,000 as global financial markets face volatility. On-chain demand for the cryptocurrency has turned negative, indicating that coins are moving into dormancy faster than new supply is being absorbed. This weakness follows $236 million in net outflows from US spot Bitcoin ETFs.

In the United States, economic data presents a complex picture for the Federal Reserve. While July job openings held at 7.3 million and hiring remained subdued, high energy prices—with oil near $90—and rising Treasury yields continue to fuel inflation concerns. The Bureau of Labor Statistics reported 5.1 million hires and 3.1 million quits in July. These indicators suggest a cooling labor market, yet the risk of further interest rate hikes remains a central debate for policymakers.

Broader global markets have also experienced selling pressure. Asian markets saw significant declines, with South Korea’s KOSPI dropping 4% and Japan’s Nikkei 225 falling 2.9%. Additionally, fluctuations in the USD/JPY currency pair have sparked speculation regarding potential intervention by Japanese authorities.