Bitcoin, Gold Slide After US Payrolls Beat Forecasts Threefold

Bitcoin (BTC) and gold both fell sharply on Friday shortly after the release of US jobs data, which showed August payrolls nearly three times higher than forecasts.

The stronger-than-expected figure revived expectations that the Federal Reserve could raise rates in September. The two assets had been rallying earlier in the week on hopes of a rate pause, and the data erased those gains.

🇺🇸 *US AUG. NONFARM PAYROLLS RISE 162,000 M/M; EST. +55K – BBG
*US AUG. TWO-MONTH PAYROLL NET REVISION ADDS 55,000
*US AUG. UNEMPLOYMENT RATE 4.1%; EST. 4.1%

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) September 4, 2026

August Payrolls Triple Estimates, Revise July to Positive

The US economy recorded 162,000 new jobs in August, compared with a median estimate of 56,000. According to the Bureau of Labor Statistics (BLS), the average monthly gain over the preceding 12 months had been only 31,000.

“NFP comes in nearly 3x expectations at +162k led by bounce back in leisure & Hospitality +62k (food services and drinking places +55k). Local government education similarly +42k, reversing much of July’s -58k (after revision). Total net revisions add +55k to June/July bringing 3-month average to +71k from +38k in July,” one user highlighted.

The revisions were more damaging to the narrative of a slowing economy than the headline number itself. July's initially reported loss of 23,000 jobs was revised to a gain of 21,000. June’s figure was revised upward to 31,000 from 20,000.

The unemployment rate stayed at 4.1%. Average hourly earnings increased by 0.3% to $37.75, raising the year-over-year rate to 3.1%, surpassing the 3.0% estimate.

Bitcoin Drops Below $80,000 in a Single Five-Minute Candle

Bitcoin was trading at $81,340 before the jobs data. Within a single five-minute candle it dropped to $79,661, a decline of 1.80%, and was last seen near $79,860.

Gold provided no safe haven. The precious metal fell from $4,473 to $4,376 per ounce, a 1.75% decline, over the same period.

“NFP took your SL. Don’t let revenge trading take your account too,” one user quipped.

Leverage amplified the moves. CoinGlass recorded $202 million in long position liquidations within one hour, pushing the 24-hour total to $768.54 million.

Hours earlier, BeInCrypto had reported that Fed rate hike odds had fallen to a coin flip, questioning whether Bitcoin's rally above $80,000 would persist. It did not hold.

Warsh's Hawkish Case Revived Ahead of CPI Data

Rate hike probabilities were around 66% at the close of August. They were cut in half this week after Fed Governor Christopher Waller expressed support for a pause, a change that boosted both Bitcoin and gold.

Friday's data reverses that trend. Solid wage growth and upward revisions give Fed Chair Kevin Warsh the tight labor market his rate hike argument requires.

A similar scenario played out a month earlier, when a weak July report pushed gold futures up on Binance. Friday's reaction was the opposite.

The consumer price index is due on September 11, just five days before the Fed's decision. A mild inflation reading could still reverse Friday's repricing.