由于比特币面临下一个宏观考验，强劲的美国就业报告推迟了美联储的救助计划

A blowout US jobs report should have settled the current macro story. Instead, it exposed a split picture that keeps Bitcoin vulnerable in the short term. Headline payroll growth came in far above expectations, but weaker labor-force and household data suggest the labor market may be firmer on the surface than underneath. The US economy added 178,000 jobs in March, nearly three times the consensus estimate of 60,000, and unemployment dipped to 4.3%. That is the kind of print that resets macro narratives and hits risk assets before traders finish their first read. Bitcoin traded around $67,000, unfazed by the data. The 10-year Treasury yield climbed four basis points to 4.35%, and the dollar index ticked up to 100.08. The market's first-order read was straightforward: a labor market that looks this strong gives the Federal Reserve less reason to cut, which in turn yields tighter financial conditions and weighs on a macro-sensitive asset like Bitcoin. Why this matters: The market is treating the jobs headline as a reason for the Fed to stay on hold, which keeps pressure on yields, the dollar, and risk assets such as Bitcoin. But if the weakness under the surface shows up again in the April data, that same macro story can flip quickly. Zoom in on where those 178,000 jobs came from , and the picture gets less clean. Health care alone added 76,000 positions, and 35,000 of those were workers returning from a strike in physicians' offices. The numbers represented a catch-up hiring. Construction added 26,000, partly weather-aided, and transportation and warehousing contributed another 21,000. Federal government employment fell by 18,000, and financial activities shed 15,000. Related Reading 161,000 US jobs just disappeared after a revision as Bitcoin navigates increasingly messy macro data Nearly 1 million US jobs never existed, according to a massive government revision Mar 8, 2026 · Andjela Radmilac BLS noted that total payroll employment had moved little on net over the