Today, BTC put on a textbook roller coaster ride, first soaring to heaven before dropping back to earth.

During the day, it charged ahead, climbing from $77,000 all the way to $82,262, up more than 4% in 24 hours, with bulls shouting, "The $80,000 level is secure."

Then the market flipped completely as soon as the U.S. August nonfarm payrolls data came out—from $81,600 to below $79,800 within minutes, wiping out $2,400 in an instant. The $80,000 level was breached just like that.

Why could one employment report send Bitcoin crashing?

Because the numbers were too good: 162,000 jobs were added, while the market had expected only 55,000, beating expectations by nearly three times. The stronger the employment data, the more confidence the Federal Reserve has to raise interest rates. Within 15 minutes of the data release, the probability of a September rate hike surged from 50% to 58%, and it is even higher now.

Bitcoin pays no interest, so once rates rise, why would capital stay in risk assets?

More than $750 million was liquidated across the market overnight, with BTC itself accounting for $320 million. The bulls partied all day, only to die at the hands of a piece of "good news" in the end—the market can always reverse more dramatically than you expect.

Do you think this is a golden buying opportunity, or the other side of the party?