Bitcoin retreats to $92,5K as strong US jobs data reverses 12-hour gains
The post Bitcoin retreats to $92,5K as strong US jobs data reverses 12-hour gains appeared on BitcoinEthereumNews.com.
Key Takeaways Bitcoin’s price fell to $92.5K following stronger-than-expected US jobs data. The broader crypto market also declined, erasing a 12-hour rally. Bitcoin erased its 12-hour rally on Friday, retreating to $92.5K in the immediate aftermath of stronger-than-expected US jobs data. The largest crypto asset by market cap printed 14 consecutive hourly green candles earlier in the day, climbing 3.5% from just below $92,000 to $95,000. However, the release of robust economic data reversed the trend, pulling Bitcoin and the broader crypto market into the red. The US economy added 256,000 jobs in December, significantly surpassing forecasts of 160,000. The unemployment rate dipped to 4.1% from November’s 4.2%, signaling a hotter-than-anticipated labor market. The report comes amid expectations of Federal Reserve rate cuts in 2025, which are now being scaled back following the jobs data. Bitcoin’s decline mirrored a broader selloff in the crypto market, with total market capitalization down 2% over the past 24 hours, according to CoinGecko. Major altcoins, including Ethereum, Solana, and Dogecoin, also erased their gains from the past day, returning to levels seen 24 hours ago. The jobs data adds to a week of volatility for Bitcoin, which had started the week near $103,000 before falling to a low of $92,000 on Thursday. The report’s impact was felt across traditional markets as well, with US stock index futures down about 1%, the 10-year Treasury yield climbing nine basis points to 4.78%, and the dollar index rising 0.6%. Traders have quickly scaled back expectations for further Federal Reserve rate cuts in 2025, with CME FedWatch showing the odds of a March rate cut dropping to 25% from 41% before the jobs report. The market has since recuperated slightly, with Bitcoin trading at $93,500 at press time, though it remains down overall. Source: https://cryptobriefing.com/bitcoin-market-retreat-us-jobs/
Filed under: News - @ January 10, 2025 4:28 pm