Liquidations drive Bitcoin near $50K after August NFP data

August US NFP employment report was again disappointing.

Bitcoin and the crypto market have been influenced by NFP reports.

Bitcoin's drop below $55K prompted $82 million in liquidations.

Kaito AI data implies BTC bearish pressures are minimal.
Bitcoin (BTC) fell below $55K on Friday as the crypto market fell after the August Nonfarm Payrolls (NFP) data. With unemployment falling to 4.2% as projected, attention is now on the Fed meeting later this month. Key evidence reveals that the crypto market's negative trend is not driven by aggressive selling.

Bitcoin falls as NFP data shakes crypto market
Bitcoin sank the crypto market on Friday after August's US NFP data.

The NFP report tracks US employment, excluding farmers. The report is a key economic indicator that has affected Bitcoin and the crypto market.

More than 11% behind the predicted 160K, the August NFP data reported 142K new jobs. The job market seems to be weakening as June and July hiring numbers were revised downward.

After the NFP report, Bitcoin fell 4.7% to under $54K, its lowest level since early August. Coinglass data shows almost $82 million in BTC liquidations due to the decrease.

The whole crypto market is down 4.7% in the previous 24 hours due to Bitcoin's continued price drop.

Major meme tokens Dogecoin (DOGE) and Pepe (PEPE) plummeted 7% and 4%, respectively, while the meme coin market plunged roughly 6%.

The market cap of all AI tokens fell 7% in 24 hours.

Kaito AI reveals that BTC bear market references remain low despite the market drop, suggesting that bearish pressure is modest.

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