# Bitcoin Drops $3,000 in One Hour: What Happened?

This week, Bitcoin delivered a pure volatility show. On Friday, U.S. employment data came in like a cold shower: only 22,000 jobs created in August, compared to the 75,000 expected.

**The reaction was immediate:** BTC hit $113,400 in the morning and plummeted nearly $3,000 in less than an hour. Meanwhile, gold surged to all-time highs, and the dollar weakened as if nothing was happening.

# # What this means

The market now expects the Federal Reserve to cut rates on September 17, according to CME Group’s FedWatch tool. This is the second weakest employment report since July 2021, and the numbers have been revised downward in previous months: June turned negative, and August lost 357,000 full-time jobs.

( The technical battle

Traders are watching the 200-period moving averages on 4-hour charts. These levels have acted as resistance throughout this period. If Bitcoin manages to reclaim these points, it could go higher. If not, some analysts see potential drops toward $100,000 or even toward the CME gap at $92,000–$94,000.

**The irony:** despite the news "should" be bullish for crypto, Bitcoin stayed flat. The market remains indecisive.