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Bitcoin slipped below the $90,000 mark late last night, reaching its lowest level in two months as tightening monetary policies from U.S. authorities weighed on the markets.
After hitting an all-time high of $108,000 a month ago and maintaining above $100,000 until last week, Bitcoin fell sharply on January 13, dipping to $89,800 around 11:35 PM—the first time below $90,000 since mid-November.
The cryptocurrency has since rebounded and is trading in the $94,000 range. As of 8:40 AM on January 14, Bitcoin is down 0.07% over the past 24 hours, priced at $94,328, according to CoinMarketCap.
David Duong, Head of Institutional Research at Coinbase, told Decrypt that while market speculation about potential cryptocurrency regulatory changes under President-elect Donald Trump persists, macroeconomic factors are currently driving Bitcoin’s price movements.
Duong noted that recent labor data could delay the Federal Reserve's anticipated rate cuts until 2025, putting pressure on all asset classes. However, he added, "If the decision stems from a stronger economy, the impact may not persist."
"I remain cautiously optimistic about Bitcoin's performance in Q1, but the road ahead may be bumpy," he said.
The Federal Reserve recently signaled a slower-than-expected pace for rate cuts in 2024. Last week’s meeting minutes revealed a focus on potential inflationary pressures from Trump’s changes to immigration and trade policies.
Meanwhile, December's employment data showed nonfarm payrolls adding 256,000 new jobs, far exceeding expectations of 160,000. Aditya Bhave, Chief Economist at Bank of America Global Research, commented, "Given the resilience of the labor market, we believe the Fed’s rate-cutting cycle has concluded."
According to the CME FedWatch Tool, while markets still anticipate one rate cut this year, there is a growing likelihood—now at 30%, up from 16% last week and 9% a month ago—that rates will remain unchanged through year-end.
Macroeconomic Pressures Continue to Mount
Rising U.S. Treasury yields are also exerting downward pressure on risk assets. TradingView data shows the 10-year Treasury yield surged to 4.799%, its highest level since October 2023.
Markets are closely watching upcoming macroeconomic events, including the January 15 Consumer Price Index (CPI) report, the Federal Reserve’s monetary policy meeting on January 30, and the release of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, on January 31.
Amid these developments, Bitcoin’s recovery to $94,000 will be closely monitored, as traders brace for further volatility in the days ahead.
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