BTC falls below $92,000! Analysis: This week's "3 major economic data" came out, and the market faced a severe test

The unexpectedly strong non-farm payroll data released by the United States last week has prompted investors and Wall Street investment banks to reassess the future direction of monetary policy. It is expected that the Federal Reserve may postpone interest rate cuts, causing global stock market fluctuations. Bitcoin continues to be under pressure today (13th), plummeting from $95,000 and reaching a low of $91,286.62.

According to CoinGecko market data, Bitcoin surged to $95,903 in the early Asian session, but selling pressure emerged after the rally, and market sentiment turned bearish. Eventually, even the strong support level of $92,000 could not be held, completely breaking through investors' psychological defense line.

The US Bureau of Labor Statistics (BLS) released data last Friday showing that non-farm payrolls in the United States surged by 256,000 in December, the highest level since March last year, far exceeding market expectations of 160,000 and significantly higher than the 212,000 in the previous month.

In addition, the unemployment rate decreased from 4.2% to 4.1%, with average hourly earnings increasing by 0.3% monthly and 3.9% annually. Although slightly below expectations, it still demonstrates the resilience of the U.S. labor market.

Against this backdrop, Goldman Sachs, the Wall Street investment bank, quickly lowered its Fed rate cut forecast for this year, postponing the start of rate cuts from March to June, and reducing the number of cuts from three to two.

Goldman Sachs pointed out in a report to clients: "We now expect the Fed to cut interest rates only once in June and December this year, and the next rate cut may not come until June 2026."

Compared to Goldman Sachs, Bank of America (BofA) is more conservative and believes that the Fed may end its rate-cutting cycle and even raise interest rates. It is worth noting that since the rate cut in September last year, the 10-year US Treasury yield, which is closely related to interest rates, economic growth, and inflation expectations, has surged more than 100 basis points.

A Bank of America analyst said, "We believe that the rate-cutting cycle has come to an end... The Fed is likely to stand pat for a long time, but the next move is more likely to be a rate hike than a rate cut."

Bitcoin faces a difficult test

According to QCP Capital's observation, the US economic data showed "signs of overheating", especially the non-farm payrolls data, which almost completely dashed the market's expectations of a short-term interest rate cut, resulting in a downward pressure on the stock market. In addition, the "possible tariffs of the Trump era" have further raised more inflation concerns.

QCP Capital analysts pointed out that despite the unfavorable macroeconomic environment, the cryptocurrency market still maintains important support. Bitcoin is currently holding steady at the $91,000 level, while Ether is holding the $3,100 support. At the same time, market volatility is at a relatively moderate level. Although the short-term options market appears slightly bearish, overall it remains relatively stable.

However, the challenges in the cryptocurrency market are not over. Analysts say that three key economic data will be revealed this week, including the Producer Price Index (PPI) on January 14th, the Consumer Price Index (CPI) on January 15th, and the initial jobless claims on January 16th. These data are likely to trigger a new round of market volatility.

QCP Capital emphasized that as the US economy continues to heat up, this week will be a real test of whether cryptocurrencies can serve as a hedge against inflation.

Bitcoin plunges below $92,000! Analysis: 'Three Major Economic Data' Released this Week, Market Faces Severe Test. This article was first published in 'Blocklike'.