Viewpoint: Bitcoin failed to break through $93,500 as strong U.S. employment data keeps bearish arguments "still strong."

Bitcoin's price fell below the 2025 annual opening price and slid towards $90,000 during Thursday's Wall Street trading session, following strong U.S. employment data that prevented Bitcoin from converting the $93,500 annual opening price into a support level, ignoring the market's optimism about a Federal Reserve rate cut.

Data showed that the number of initial jobless claims and the number of continuing claims for unemployment benefits were both below expectations, indicating that the labor market remains strong. Despite the strong employment data, the market doubled down on bets that the Federal Reserve will cut rates at its meeting on December 10. The CME Group FedWatch tool shows that the market expects the probability of a Federal Reserve rate cut to rise to 89%. Trading resource The Kobeissi Letter stated that due to the widening gap between risk assets and consumer strength, the Federal Reserve has "no choice" but to cut rates to "save" American consumers, even as inflation has reached 3%.

Trading firm Mosaic Asset Company warned that despite market optimism, future rate cuts are far from guaranteed. Trading resources like Material Indicators pointed out that Bitcoin needs to reclaim several key resistance levels to reverse the bearish outlook, including the $93,500 annual opening price, as well as the liquidity range near $100,000, the 50-week simple moving average (SMA), and the exponential moving average (EMA). Material Indicators stated that Bitcoin's failure to break through the annual opening price is a sign that "bearish arguments remain strong." Currently, the S&P 500 index is just 0.5% away from setting a new all-time high, while Bitcoin and altcoins continue to show weakness.