Bitcoin fell sharply from Friday’s multi-month highs above $97,000 over the weekend, with prices sliding under $95,000 during early Monday trading as broader macro pressures weighed on risk appetite.
The pullback followed a robust U.S. jobs report on Friday that lifted Treasury yields, igniting concern that the Federal Reserve may delay interest rate cuts. Non-farm payrolls grew by 177,000 in April, slightly above expectations, while the unemployment rate ticked higher to 4.2%. Markets initially reacted positively, with Bitcoin testing $98,000 late Friday as risk assets rallied into the weekly close.
However, the optimism quickly faded as bond yields climbed. The U.S. 10-year yield rose back above 4.3% after the data, reinforcing the notion that borrowing costs may stay elevated for longer. This pressured Bitcoin, which has increasingly traded in lockstep with equities and other macro-sensitive assets as investors adjust to shifting monetary policy expectations.
Adding to the pressure, oil prices fell sharply after OPEC+ surprised markets by announcing it would accelerate its phased return of production hikes. Per Reuters, the group agreed to add 411,000 barrels per day to global supply in June, undercutting support for crude prices. Brent futures dropped nearly 4% on the news, flipping key time spreads into contango and raising concerns about near-term oversupply.
The sharp move lower in oil dampened sentiment across commodity markets, though gold bucked the trend. Spot prices climbed above $3,250 per ounce early Monday as traders rotated into traditional safe havens amid renewed uncertainty about global trade and growth.
Geopolitical tensions also complicated the landscape concerning the ongoing trade war led by the United States. Over the weekend, President Donald Trump stressed that he “just wants a fair deal” with China, but the remarks were enough to inject caution across markets sensitive to global supply chains and export demand.
Bitcoin’s 3% retreat from Friday’s peak reflects how tightly tethered digital assets have become to broader financial conditions. The combination of rising yields, falling oil prices, and geopolitical headline risk triggered a defensive shift across markets. U.S. equity futures, including S&P 500 E-mini contracts, pointed lower Monday morning, while the dollar softened modestly and gold extended gains.
The next catalyst looms on Wednesday with the Federal Reserve’s policy decision. Traders are closely watching whether Chair Jerome Powell will push back against rate cut requests from the president or strike a more balanced tone amid conflicting inflation and employment data signals.
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