$BTC Analysis: Bitcoin Rejected at $93,500 Ahead of Strong US Jobs Data 📉

Bitcoin pulled back from its $93,500 yearly open as stronger-than-expected US labor data pressured risk assets. Weekly jobless claims came in below forecasts, indicating a resilient labor market. Despite this, investors continue to price in a rate cut at the Federal Reserve’s December 10 meeting. Analysts suggest the Fed has limited flexibility due to the gap between asset valuations and consumer purchasing power.

The Kobeissi Letter notes that even with inflation near 3%, the Fed will likely need to ease policy to support consumers facing financial strain. 😥 Meanwhile, megacap tech stocks are pushing to new highs. Market expectations align, with CME’s FedWatch tool showing an 89% probability of a third consecutive rate cut. However, Mosaic Asset warns that long-term rate direction remains divided, potentially creating short-term volatility despite broader support for a year-end rally. 📊

Against this macro backdrop, Bitcoin continues to lag equities. 🛑 Key technical resistances lie ahead, starting with the $93,500 yearly open, followed by liquidity near $100,000 and major weekly SMAs and EMAs. Material Indicators analysts highlight that BTC must break above the $96,000-$98,000 band with a stable weekly RSI to validate any bullish trend continuation.

Order book data still shows strong overhead supply, and Bitcoin’s failure to reclaim the yearly open reinforces a bearish tilt. 🐻 For now, BTC and major altcoins remain vulnerable. Traders are watching whether macro catalysts or liquidity shifts can provide the momentum needed for recovery. ✨

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