Bitcoin slipped back toward $90,000 on Friday after an early rally fizzled, as investors digested mixed U.S. economic data, rising inflation expectations, and a delay in a key Supreme Court ruling on tariffs.
BTC briefly surged to around $92,000 during U.S. mid-morning trading but failed to sustain the move, drifting lower through the rest of the session. About an hour before U.S. stock markets closed, bitcoin was trading near $90,300, down roughly 1% over the past 24 hours.
The pattern has been familiar in recent weeks, with bitcoin lagging broader markets despite gains in traditional assets. The Nasdaq rose about 1% on the day, while the S&P 500 gained roughly 0.8%. Commodities advanced broadly, led by precious metals and crude oil, and bonds posted modest gains.
Friday’s U.S. December jobs report was mixed. Nonfarm payrolls increased by 50,000, falling short of forecasts for 60,000, and prior months were revised lower. The unemployment rate, however, dropped to 4.4% from 4.6% in November, beating expectations of a smaller decline to 4.5%.
Consumer sentiment improved slightly. The University of Michigan’s January sentiment index rose to 54, above forecasts of 53.5 and December’s 52.9 reading. One-year inflation expectations ticked up to 4.2% from 4.1%, though the measure remains highly influenced by political affiliation.
Adding to uncertainty, the U.S. Supreme Court did not issue a ruling on the Trump administration’s tariff regime as anticipated. The case was absent from the court’s published opinions, with further decisions expected next Wednesday.
Crypto-linked stocks mostly traded lower alongside bitcoin. Coinbase (COIN) fell 2.3%, Gemini (GEMI) dropped 4.5%, and Strategy (MSTR) slid 5.6%. Miners with AI infrastructure exposure bucked the trend, with Hut 8 (HUT), IREN (IREN), and Core Scientific (CORZ) gaining 2% to 4%.
