Cryptocurrency Price Today: Bitcoin Drops Below $93,400 on Concerns About Smaller Fed Rate Cuts

Bitcoin (BTC), the largest in the world CryptocurrencyOther cryptocurrencies fell on Monday after a stronger-than-expected US jobs report dampened hopes for an early cut in interest rates by the Federal Reserve.

Data on Friday revealed that US job growth accelerated in December, pushing 10-year Treasury yields to their highest levels in 14 months. This has increased the likelihood of lower interest rate cuts in 2025, making emerging markets like India less attractive for investment.

The United States added 256,000 jobs in December, beating expectations of 165,000, revising expectations for just one rate cut in 2025.

At 11:00 AM EST, Bitcoin was trading at $93,296, down 1.1%, while Ethereum was down 1.3% to $3,186.“Markets have been on a slight pullback since stronger-than-expected economic data indicated the Fed may pause interest rate cuts in 2025,” the CoinSwitch Markets Desk said.

“Profit taking continued after stronger than expected US non-farm data. Bitcoin needs to hold above $92,300 to gain momentum for further rises, with resistance at $96,300,” Mudrex CEO Idul Patel noted. Bitcoin in 2025: Risk or opportunity for loyal investors?Major altcoins also saw declines on Monday. XRP is down 3%, BNB is down 2.1%, Solana is down 2.2%, Dogecoin is down 3.75%, Cardano is down 7%, Tron is down 5.2%, Avalanche is down 5%, and Sui is down 7.5%. Global Crypto market The cap decreased by 0.9% to $3.26 trillion.

“Altcoins fell further, with Cardano, Tron, Sui and Avalanche down more than 4%. Ethereum is trading near $3,200. Traders should avoid leveraged positions until a clear trend emerges,” advised Vikram Subburaj, CEO of Giottus.

The volume of all stablecoins now stands at $75 billion, representing 91.38% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap.

In the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, fell to $1.856 trillion. Bitcoin dominance currently stands at 56.91%, according to CoinMarketCap. Bitcoin volume in the past 24 hours has increased by 67.3% to $29.08 billion.

Technical presentation by Sathvik Vishwanath, Co-Founder and CEO of Unocoin

Bitcoin recently tested the $100,000 level but failed to hold and fell to the critical support level at $92,000. On the daily chart, this support has been maintained several times, but a retest increases the probability of failure, potentially targeting $85,000. Conversely, if it holds $92,000, BTC may try to rise further towards $100,000 and above.

Bearish momentum dominates the four-hour chart, with no significant signs of recovery.

(Disclaimer: The recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)