Opinion: Bitcoin failed to break through $93,500 due to strong US jobs data, keeping the bearish argument "strong."

According to Odaily Planet Daily, Bitcoin prices fell below the 2025 year-opening price and slid towards $90,000 during Thursday's Wall Street trading session, after strong US jobs data prevented Bitcoin from turning the $93,500 year-opening price into a support level and ignored market optimism regarding a Federal Reserve (Fed) rate cut.

Data shows that both initial jobless claims and continuing unemployment benefits in the United States were lower than expected, indicating that the labor market is still strengthening.

Despite strong jobs data, markets are doubling down on bets that the Federal Reserve will cut interest rates at its December 10 meeting. The CME Group FedWatch tool shows the market expects an 89% probability of a rate cut. The Kobeissi Letter, a trading resource, states that the Fed has "no choice" but to cut rates to "save" American consumers, even with inflation already at 3%, due to the widening gap between risk assets and consumer spending power.

Mosaic Asset Company, a trading firm, warned that despite market optimism, future interest rate cuts are far from guaranteed.

Trading resources such as Material Indicators point out that Bitcoin needs to reclaim several key resistance levels to reverse its bearish trend, including the $93,500 year-opening price, the liquidity zone near $100,000, the 50-week simple moving average (SMA), and the exponential moving average (EMA). Material Indicators states that Bitcoin's failure to break the year-opening price is a sign that "the bearish argument remains strong."

Currently, the S&P 500 is only 0.5% away from hitting a new all-time high, while Bitcoin and altcoins remain weak.