Bitcoin Breaks Below $97K with $555M Liquidated as US Economic Indicators Strengthen

Bitcoin dropped below $97,000 on Wednesday, losing its grip on the $100,000 level. The decline followed a series of positive US economic reports Tuesday, which raised fears that a potential inflation rebound could delay the Federal Reserve’s plans to ease monetary policy.

U.S. stocks gave up early gains after the Labor Department reported an unexpected increase in job openings for November. Additionally, a separate report showed that services sector activity accelerated in December, with input prices hitting their highest level in almost two years.

The data pointed to a strong economy, pushing benchmark 10-year Treasury yields up to 4.699%. This marked their highest level since April 26.