Bitcoin faced a significant rejection near the $93,500 level, retreating toward $90,000 as bullish momentum faltered. The move lower came despite prevailing market optimism surrounding potential Federal Reserve interest rate cuts later this year. This optimism was overshadowed by the release of stronger-than-expected US employment data, which tempered immediate expectations for monetary policy easing and introduced renewed selling pressure.
The cryptocurrency failed to convert its yearly opening price into a firm level of support, a technical setback that analysts highlight as a bearish signal. Market participants are now closely monitoring whether key support levels can hold, as the interplay between macroeconomic indicators and digital asset valuations remains pronounced. The price action underscores the ongoing sensitivity of crypto markets to traditional financial data and central bank policy signals, with the $93.5K zone now established as a formidable resistance threshold for any near-term bullish attempts.
