Cooling US labor data is shifting growth expectations, rate paths and liquidity, creating new macro pressures for Bitcoin and the broader crypto market.
Bitcoin has spent the later weeks of November struggling to hold momentum after setting new highs earlier in 2025. At the same time, US labor data has begun to signal a different kind of warning, not a jobs crash but a clear loss of heat.
The US unemployment rate has climbed from the low-3% range seen in 2022-2023 to the mid-4% area, its highest level in several years. Monthly nonfarm payroll gains have slowed from the post-pandemic levels to more modest six-figure additions. Job openings and quits have also drifted down from their 2021-2022 peaks, according to the Bureau of Labor Statistics (BLS) and Federal Reserve Economic Data (FRED) series.
