Bitcoin Slips to $92K After Rejection at $94K
Bitcoin staged a sharp pullback after briefly touching $94,000 the day before, now trading around $92,000 on the daily chart. Analysts warn that losing the $91,000 level would signal a return to bearish territory. Resistance near $94,000 remains heavy, and a confirmed breakout above $97,000 is needed to resume the uptrend — a scenario seen as unlikely in the near term.
On-Chain Activity Lags Despite Price Recovery
On-chain metrics paint a cautious picture. Even with BTC back above $92K, network demand is insufficient to drive a sustainable rally toward $97K. Transaction volumes remain subdued, and although some investors are returning after the holiday lull, activity has yet to pick up meaningfully. Market sentiment is indecisive, leaving the near-term direction reliant on fresh catalysts.
ADP Data Tonight: Fed Rate Cut Hopes on the Line
The U.S. enters a three-day streak of key economic releases, starting with the ADP employment report this evening. December's data is especially important because November's figures were distorted by the government shutdown, leaving the December numbers as the first clean read. Markets already expect the Fed to hold rates steady this month, but any surprise in the jobs data could shift probability for future cuts, likely triggering sharper price swings.