Bitcoin rejects at key $93.5K as Fed rate-cut bets meet 'strong' bear case
Overview
Bitcoin’s price has recently retreated towards $90,000 following the release of robust US jobs data. The cryptocurrency’s performance has been notably unaffected by prevailing optimism surrounding potential Federal Reserve rate cuts, as it failed to convert its yearly opening price into a support level.
What Happened
The latest price action for Bitcoin saw it decline as it approached the $90,000 mark. This movement coincided with the release of strong employment data from the United States. Despite speculation regarding potential rate cuts by the Federal Reserve, Bitcoin did not respond positively and was unable to maintain the yearly open as a support level.
This scenario highlights a significant disconnect between traditional market indicators and Bitcoin’s current price performance. The positive economic news from the US jobs report has seemingly overshadowed the bullish sentiment surrounding potential monetary policy easing.
Impact on the crypto market
- Bitcoin’s inability to maintain the yearly open as support may signal bearish sentiment among traders.
- Strong US jobs data can influence market dynamics, potentially leading to shifts in investor behavior.
- The disconnect between Bitcoin’s price action and Fed rate-cut optimism raises questions about the cryptocurrency’s correlation with traditional financial indicators.
- The current market conditions may lead to increased volatility in the cryptocurrency space as traders reassess their positions.
- Overall market sentiment could be affected as investors react to both economic data and the performance of Bitcoin.
Updated: 12/4/2025, 4:35:31 PM
