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Bitcoin Price Today: Falls Below $86,000 Ahead of Jobs Data
Bitcoin fell on Tuesday, extending its recent decline, as risk appetite—especially toward speculative crypto assets—remained weak ahead of several key U.S. economic indicators.
Cryptocurrency prices largely tracked the ongoing downturn in global technology stocks, as concerns surrounding artificial intelligence led to profit-taking after recent gains in the sector. Losses in the technology sector also dampened appetite for cryptocurrencies and other high-risk assets.
Bitcoin fell 4% to $85,987.9 by 05:35GMT, approaching its lowest level in two weeks. The cryptocurrency also remained close to a seven-month low reached in late November.
Bitcoin Retreats as Sentiment Weakens Ahead of Jobs Data
Bitcoin steadily lost ground over the past week, receiving limited support from the Federal Reserve’s interest rate cuts and its presentation of a dovish monetary policy outlook.
Risk appetite remained subdued as traders awaited data likely to influence the Fed’s policy plans. U.S. nonfarm payrolls data for November is expected later on Tuesday, followed by consumer price index data on Thursday.
Labor market conditions and inflation are the two most critical factors for the Fed when adjusting policy, and any signs of weakening employment and easing inflation are likely to strengthen expectations for further rate cuts.
Such a scenario could help Bitcoin recover some of its recent losses, given that lower interest rates increase the appeal of speculative assets such as cryptocurrencies.
The Fed also began purchasing short-term Treasury securities last week, boosting market liquidity and potentially opening the door to increased trading in speculative assets such as cryptocurrencies. Ultra-low interest rates and the Fed’s liquidity support measures—referred to by some as quantitative easing—were key drivers of the cryptocurrency bull market in 2021.
Cryptocurrency Prices Today: Altcoins Follow Bitcoin Lower
Broader cryptocurrency prices declined across the board, with major altcoins tracking Bitcoin’s weakness.
The world’s second-largest cryptocurrency, Ether, fell 6.33% to $2,922.06, while XRP dropped nearly 6% to $1.8817.
Solana and Cardano declined 4.2% and 5.7%, respectively, while BNB lost 3.7%.
Among meme tokens, Dogecoin fell 5.7%, and $TRUMP dropped 4.2%.
Most altcoins hovered near multi-month lows amid prolonged selling pressure in cryptocurrency markets.
Bitcoin and other cryptocurrencies have also largely erased their 2025 gains, trading in negative territory for the year following a prolonged price decline since mid-October that shows few signs of easing.
See also: "Bitcoin Price: Drops Below $90,000 Amid Market Caution"
