Bitcoin Falls Over 5% to $96.5K as Crypto Market Reacts to US Job Openings Surge and Fed's Stance on Interest Rates

Bitcoin has fallen over 5% since reaching a high of over $102,000 on Monday. This 5% decline pushed Bitcoin to the $96.5K mark

Bitcoin price dropped over 5% on Wednesday after reaching a high of over $102,000 at the start of the week. This marks a rocky start to 2025.

Bitcoin price fell over 5% on Wednesday, dropping to the $96,500 level after reaching a high of over $102,000 on Monday. The asset has struggled to recover from this 5% decline, remaining at this level hours after the initial drop.

This decline comes amid a surge in US job openings and the Federal Reserve's projected stance on interest rates.

The JOLTS report showed job openings rose to 8.1 million in November, up from an upwardly revised 7.8 million in October. This strong labor market dampens hopes for monetary easing, signaling less urgency for rate cuts.

The CME FedWatch tool projects a 95% chance that the Federal Reserve will hold rates steady at its January 29 meeting. This aligns with market expectations following a 50 basis point hike in December.

Amid this data, the crypto market reacted to the downside, resulting in over $400 million in liquidations, according to Coinglass data. Of this, $275 million occurred within a four-hour window.

The decline spread across major digital assets, with Ethereum dropping 6.4%, XRP falling 4.8%, Solana declining 5.7%, and Dogecoin sliding 6.5% in the past 24 hours.