Bitcoin Slides as Jobs Report Revives Fed Hike Odds

The payrolls surprise shifts the macro backdrop for crypto, which has traded increasingly in lockstep with rate expectations. A higher-for-longer Fed scenario directly challenges the liquidity narrative that has supported risk assets, making Bitcoin's near-term direction more sensitive to upcoming inflation prints and Fed communication. The question is whether crypto has decoupled enough from equities to withstand a repricing, or if it remains a high-beta play on the same macro lever.