Can Bitcoin price reach $80,000 after its latest breakout?

Bitcoin price $BTC has risen 2.3% over the past 24 hours to roughly $78,500, breaking above $78,000 as softer US employment figures, fresh spot ETF inflows, and lower Treasury yields have supported demand for $BTC.

ADP reported that US private employers added 38,000 jobs in August, below market expectations of roughly 47,000 and the weakest increase in seven months.

The reading has become the main catalyst behind Bitcoin’s move as traders reassess the likelihood of another Federal Reserve rate increase.

The probability of a 25 basis point rate rise at the Fed’s Sept. 15–16 meeting fell to roughly 62% from more than 67% a day earlier, according to CME FedWatch data.

Lower expectations for another increase in borrowing costs have coincided with Bitcoin moving from below $77,000 to above $78,000.

Friday’s US nonfarm payrolls report will provide the next major reading on the labour market.

A second weak employment print could further change expectations around the September Fed decision.

US Treasury yields have also eased after recently weighing on risk assets.

The 10 year Treasury yield fell roughly four basis points to 4.74%, while the two year yield dropped around six basis points to 4.32%.