Bitcoin Price Drops After Strong US Jobs Data Fuels Fed Rate Hike Bets

Bitcoin price dropped 2% after higher than expected US jobs data, increasing bets on a Fed rate hike.

Data shows 336,000 jobs added in September versus 170,000 expected. Seen as negative for risk assets like crypto.

Market now sees increased chance of 0.25% rate hike at November FOMC meeting.

CPI inflation data next week seen as key indicator for Fed policy direction.

Bitcoin open interest declining from recent highs, reducing leverage in derivatives markets.