Bitcoin's price movement today has been influenced by a combination of macroeconomic factors and market reactions to recent data. The robust U.S. jobs report, which showed a significant increase in employment, has dampened expectations for further Federal Reserve interest rate cuts. This has led to a recalibration of market strategies, with traders now anticipating fewer rate cuts in 2025. The resulting shift in sentiment has put pressure on risk assets like Bitcoin, as higher interest rates make traditional investments more attractive. "Bitcoin’s retreat to below $93,000 highlights the growing influence of macro conditions," noted analysts from Ryze Labs.
Despite the pressure from macroeconomic factors, Bitcoin's price has shown resilience, with only a slight decrease of 0.18% over the past 24 hours. The cryptocurrency's price has fluctuated between a high of $94,713.18 and a low of $93,872.36 today.