Bitcoin price hits $70K all-time high as US jobs data squashes US dollar

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Bitcoin (BTC) hit new all-time highs on March 8 after United States unemployment numberboosted the case for interest rate cuts.

BTC/USD 1-hour chart. Source: TradingView

BTC price sets new record

Data from Cointelegraph Markets Pro and TradingView followed buoyant BTC price action as bulls sent the market into price discovery, reaching $70,184 on Bitstamp.

The largest cryptocurrency gained as the latest U.S. jobless data showed unemployment beating forecasts in February, indicating that inflationary pressures were waning at the hands of restrictive economic policies.

The unemployment rate nationwide came in at 3.9% — 0.2% higher than expected, while January figures for jobs added were revised lower.

“The market’s reaction to this so far has been sending stocks higher,” trading resource The Kobeissi Letter wrote in part of a reaction on X.

“This is largely due to the jump in the unemployment rate and large downward revisions.”

Bitcoin and altcoins followed equities in a risk-asset revival, with $70,000 hitting for the first time ever.

Commenting on the unfolding events, popular market participants stressed the significance of the timing of the new highs, uniquely coming before a block subsidy halving.

As a result, BTC/USD could put in a macro cycle top sooner than previously thought.

“Bitcoin is doing what it has not done in history,” one such X post from Mikybull Crypto read.

“Cycle top is coming faster than what people projected.”

BTC/USD chart. Source: Mikybull Crypto on X

U.S. dollar gives up gains

The jobs data meanwhile spelled fresh misery for U.S. dollar strength.

Related: Bitcoin ‘deep value is over’ says analyst as BTC price nears $70K line

The U.S. Dollar Index (DXY) fell to nearly its lowest levels in two months on the release, bottoming at 102.36 and down nearly 5% versus its year-to-date highs.

U.S. Dollar Index (DXY) 1-day chart. Source: TradingView

The Federal Reserve’s next decision on whether to lower interest rates is due on March 20, with market expectations nonetheless hawkish.

The latest estimates from CME Group’s FedWatch Tool put the odds of an impending cut at just 3%.

Fed target rate probabilities. Source: CME Group

During the week, Fed officials, including Chair Jerome Powell in scheduled testimony, had maintained conservative language over future policy timing.

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