Can Bitcoin Still Reach $85,000 After Losing $80,600?

Bitcoin needed to defend $80,600 to clear the way toward $85,000. Just a few hours later, the market has already complicated that scenario. After reaching around $82,280, BTC fell back below $80,000 following a much stronger-than-expected U.S. jobs report. The $85,000 target remains within reach, but the breakout now needs to be rebuilt.

Bitcoin had almost confirmed its breakout

Analyst Ali Martinez was watching a bullish breakout from a parallel channel on the hourly chart. Bitcoin had moved above $80,600, reached around $82,280, and then returned to test its former resistance as support.

The setup matched the scenario Bref Crypto had already been tracking around the $82,000 resistance level.

If buyers protected $80,600, Martinez then targeted $85,000, around 5.5% above that zone.

The market also had impressive institutional fuel. U.S. spot Bitcoin ETFs attracted around $730.8 million on September 3, including $454 million for BlackRock’s IBIT.

Everything therefore seemed to be falling into place.

Then the U.S. employment figures were released.

The NFP temporarily derails the scenario

The United States added 162,000 jobs in August, compared with around 56,000 expected. The unemployment rate remained at 4.1%, according to the Bureau of Labor Statistics.

Bitcoin immediately lost $80,600 and was subsequently trading around $78,500 to $79,000.

The support Martinez had presented as necessary for the $85,000 scenario therefore failed to hold.

This is consistent with Bitcoin’s current sensitivity to Fed rate expectations. A robust labor market gives the central bank more room to maintain a restrictive monetary policy, or even raise rates further if inflation remains persistent.

The breakout has not been definitively invalidated. It mainly needs fresh confirmation.

$82,800 remains the real barrier

A move back above $80,600 would quickly put the $82,000 to $82,800 range back in focus. Significant resistance sits around $82,793, close to the May high and a major Fibonacci retracement level.

Above that level, $85,000 and then $90,000 become technically much more credible.

Below it, buyers will first need to prevent another drop toward $75,600 and then $71,800.

ETF inflows remain a serious argument. Bitcoin has also just gained nearly 25% in August and broken through several major moving averages. Nothing therefore looks like a definitive bearish reversal.

Rather, the market has simply reminded traders why technical targets always depend on a condition.

Ali Martinez had stated his condition: holding $80,600. Bitcoin lost it a few hours later. After an exceptionally bullish August, $85,000 remains on the radar, but Bitcoin must now reclaim the ground it lost.