Bitcoin Declines to $91,000 Despite Weak Job Openings Data
- Bitcoin traded around $91,000, down nearly 3% after falling below this level post-JOLTS report.
- The November U.S. JOLTS job openings were reported at 7.1 million, below the expected range of 7.4-7.6 million.
- This decline follows a peak above $94,000 earlier in the week.
- Bitcoin ETFs experienced their first outflow of the year with net outflows of $243.24 million.
- Fidelity led the ETF outflows with $312.24 million leaving its fund on the same day.
The weak job openings data suggests a softening U.S. labor market, which could lead to more rate cuts from the Fed, potentially impacting Bitcoin and the broader crypto market positively in the long term.
Despite bullish indicators like falling job openings, Bitcoin’s price has declined significantly from earlier highs this week, highlighting market volatility amid shifting economic signals.(Source)
