**Today BTC is hovering around 92,500, tug-of-war between bulls and bears continues**

Last night’s sudden drop was pretty fierce, with BTC plunging directly to around 91,200, probably scaring a lot of people. Fortunately, the 15-minute chart quickly rebounded, regaining the 92,000 level. Now the price is lingering in the small range of 92,400–92,500.

From a technical perspective, the short-term moving average MA25 is around 92,300, providing some support for now; but the upper MA99 is pressing down near 92,770, forming a clear resistance zone. To put it simply: there’s a rebound, but the momentum isn’t strong enough, and the major trend hasn’t completely reversed. The good news is that most of the panic selling has already been flushed out, and support below has noticeably strengthened.

**What’s next?**
If we can push back above the 92,800 hurdle, there’s room for a short-term rebound; if 92,000 can’t hold, we might have to test lower levels again. Today is likely to be a choppy session, so instead of chasing highs or selling lows, it’s better to wait and see until the direction is clearer.

**A word on off-market news**

Reuters ran a survey, and over 80% of economists think the Fed will cut rates by 25 basis points in December. This has already been priced in by the market—the issue isn’t “if” they’ll cut, but “how many more times after this.” Remember, when expectations are met, the market often sells the news rather than rallies.

Also, last week’s US initial jobless claims came in at 191,000, much lower than the expected 220,000. What does this mean? The labor market is still very strong—no signs of a recession for now.

**What does this mean for the crypto market?**
If employment data is too strong, the Fed has less urgency to cut rates. The liquidity easing the market wants may be delayed, which puts pressure on risk assets (including BTC) in the short term. In simple terms: strong data is good for the economy, but maybe not such great news for crypto.

All in all, don’t rush into anything today. Wait for a clear direction before making a move.