Recent U.S. data show the labor market cooling, with unemployment at 4.4% and softer hiring. Economists warn of a low hiring/low firing regime that could intensify if core sectors weaken, pressuring the outlook for 2026. The Fed has acknowledged downside risk to employment, keeping macro uncertainty high as markets evaluate a potential soft landing versus early recession.

In crypto, Bitcoin is in a consolidation phase, with liquidity clusters near $90,144, $91,000, and $91,300 reflecting selling pressure and higher leverage on rallies. The main support sits around $87,500; a break could trigger renewed deleveraging. Near-term action appears range-bound until macro data and liquidity trends clarify the path.

Analysts at Bitunix say that slowing employment and growth weigh on risk appetite; reclaiming the upper liquidation zones will determine momentum sustainability. With central-bank decisions on the horizon, liquidity expectations for 2026 may reset.