Bitcoin traded between $76,985 and $78,000 on Wednesday, remaining above $77,000 despite an ADP employment report that significantly undershot expectations. Private-sector employers added 38,000 jobs in August, below the 47,000 consensus estimate and marking the slowest hiring pace since January. July payroll growth was revised down to 46,000. Polymarket contracts continued to show a meaningful probability of a 25-basis-point Federal Reserve rate increase at the September meeting, while oil above $90 a barrel added to inflationary pressure. Institutional demand for spot Bitcoin ETFs helped provide support during macroeconomic uncertainty, as Bitcoin has become more closely linked to labor data and Fed expectations over the past year. The more consequential test is the Bureau of Labor Statistics employment report, scheduled for around September 4-5. A sufficiently weak reading could lower rate-hike odds and provide Bitcoin with a catalyst to rise, while a stronger report could reinforce expectations for a September increase. With PCE inflation near 3.7% and hiring slowing, the Fed faces conflicting economic signals, leaving Bitcoin in a range rather than a decisive trend.