Why did Bitcoin plummet by $6,000?

Mainly affected by the negative impact of ISM non-manufacturing PMI and JOLTs job vacancies data.

In November, the number of JOLTS job vacancies in the United States unexpectedly increased by 259,000 to 8.098 million.

The ISM non-manufacturing PMI rose from 52.1 in November to 54.1, and the price index rose from 58.2 in November to 64.4, a record high in 11 months, suggesting that inflationary pressure still exists. The two data lowered the market's expectations for interest rate cuts.

The probability of interest rate cuts before July has decreased, which is contrary to the previous expectation of 2-4 interest rate cuts in 2025. The market expects that the Federal Reserve will not cut interest rates in January with a probability of more than 95%,

so Bitcoin will plummet.

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