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Bitcoin ($BTC) came within roughly $700 of the resistance level that has capped it since February, then reversed below $80,000 within hours. The case for a sustained breakout briefly looked credible.
Then the August jobs report landed. What Waller opened, payrolls closed Fed Governor Christopher Waller supplied Thursday's catalyst.
His remarks that recent inflation data shows "some signs of disinflation" opened the door to leaving rates unchanged at this month's Federal Reserve meeting.
September rate-hike odds dropped to roughly 52% from 63%, per fed funds futures. The dollar posted its biggest single-day drop since August 19.
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