Bitcoin has maintained a steady position around $90,200 today, reflecting a 1% increase, following the release of new US economic data that suggests a slight improvement in the labor market. This data has helped alleviate some immediate pressures on risk assets, attracting investor attention.
The latest figures from the Bureau of Labor Statistics indicate that the US unemployment rate decreased to 4.4% in December, surpassing expectations of 4.5%. This decline signals a stabilizing labor market, although it remains significantly higher than the Federal Reserve”s preferred long-term target.
In terms of job growth, nonfarm payrolls rose by 50,000 jobs, which fell short of forecasts and represents a notable slowdown compared to previous months. Additionally, payroll figures for October and November were revised downward by a total of 76,000 jobs, underscoring a decline in hiring momentum. Throughout the year, average monthly job growth decreased to 49,000, a stark contrast to the 168,000 recorded in 2024, further suggesting a cooling US economy.
Despite these mixed signals from the macroeconomic landscape, the broader cryptocurrency market reacted calmly. The total market capitalization for cryptocurrencies is approximately $3.08 trillion, reflecting a slight uptick. Investor sentiment indicators have remained neutral, with Ethereum trading near $3,076 and XRP around $2.09, showcasing its recent relative strength against other major tokens.
Currently, Bitcoin is navigating a sideways trading range, with neither buyers nor sellers gaining a clear advantage. The cryptocurrency has continually faced resistance in the range of $92,800 to $101,200, an area that has seen multiple rejections in November and December. On the support side, the market remains above the $86,500 to $88,200 range, which has served as a cushion during recent pullbacks.
