Bitcoin Today 01/08/2025: 'indigestible' US data increases BTC losses - Today's Gist: Breaking News, Entertainment, and Insights

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Bitcoin Today 01/08/2025: ‘indigestible’ US data increases BTC losses
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The biggest cryptocurrencies on the market deepened their losses this Wednesday (8) and the Top 10 dawned red once again. THE Bitcoin (BTC) opened the day down 5.7%, according to CoinGecko, and opened the day worth US$95,705.

In the same way that occurred on Tuesday (8), today’s fall triggered a huge volume of liquidations in the market. Coinglass data shows that there was no less than $709 million in total market liquidations. While BTC liquidated $127.7 million, Ethereum (ETH) traders lost around $157 million.

Speaking of ETHthe cryptocurrency had the third biggest drop in the Top 10, as its price opened with losses of 8.3% and fell to US$3,362. Only Dogecoin (DOGE) and Cardano (ADA) performed worse, with drops of 11% and 13.2%, respectively.

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In the Top 100, most cryptocurrencies also opened lower: 95 of them had negative performance. The token S recorded the biggest loss of the day by falling 20.4%while BRETT was one of the few that appreciated, recording gains of 11.5%.

Waiting for payroll

There were at least two reasons why BTC had two strong drops in a row and was unable to stay above US$100,000. The first of them came from the United States, which brought strong economic data.

According to Fernando Pereira, an analyst at Bitget, the market is waiting for the main US employment data, which is the payroll. However, the PMI and JOLTS data came with higher than expected numbersshowing that the American economy remains strong.

Better-than-expected employment data puts pressure on inflationwhich could lead the US central bank (Fed) to keep interest rates high for longer. Therefore, variable income assets tend to suffer, and BTC is not immune to this setup.

However, this does not mean that BTC has finished its bull cycle nor that the cryptocurrency has reached its peak. Your performance in 2024, with an increase of 121%in itself is significant enough to signal further highs to come. And the post-halving years (such as 2025) tend to bring most of the cycle’s appreciation.

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Currently, Bitcoin is in correction, but an accurate indicator confirms that it is near the top. This is the Pi cycle indicator, which predicts when the price of Bitcoin should reach its top. The indicator has a high degree of precision and successfully hit the three previous price tops: 2013, 2017 and 2021.

The analysis of the Pi cycle depends on the 111-day moving average (111DMA) and multiples of the 350-day moving average divided by twowhere the intersection of these two moving averages predicts cycle tops. And according to this analysis, Bitcoin’s next price top could occur sometime on September 17, 2025.