Latest data shows that the US unemployment rate rose to 4.6% in November, the highest level since September 2021, exceeding market expectations of 4.4%. Meanwhile, seasonally adjusted non-farm payrolls increased by 64,000, also better than the expected 50,000.

At first glance, the data seems somewhat contradictory—rising unemployment rate but employment exceeding expectations—but this reflects a divergence in the labor market. A rising unemployment rate usually indicates a slowdown in economic growth and may prompt the Federal Reserve to adopt a more aggressive rate-cutting cycle, which typically supports Bitcoin and other risk assets. However, employment resilience also suggests that the economic fundamentals have not yet collapsed, and the market should continue to closely monitor subsequent data.