Bitunix Analyst: US Employment Stalls, Macro Stagnation Risk Remains, Crypto Market Focuses on Key Liquidation Range

**December 15 Update** The U.S. labor market continues to cool: the unemployment rate has risen to 4.4%, hiring remains weak, and layoffs are steadily climbing—creating a "low hiring, low layoffs" stagnation. Economists warn that further deterioration in core industry employment could bring material downward pressure by 2026; the Federal Reserve has also flagged "significant downside risks" to the job market. Markets remain split on the "soft landing aftermath" and recession odds, but macro uncertainty is now a broad consensus. Bitcoin (BTC) is in a consolidation phase. Heavy liquidation pressure clusters around $90,144, $91,000, and $91,300—signaling elevated selling pressure and leverage risk during the rebound. The key downside support level is $87,500; a break below may trigger fresh passive deleveraging. Short-term price action is likely range-bound, awaiting clear cues from macro data and liquidity trends. **Bitunix Analyst Take** Synchronized employment and growth slowdowns leave market risk appetite vulnerable. A critical watchpoint for BTC’s trend continuity (or weakening) is whether it holds above the liquidation zone. Dense global central bank rate decisions in the month’s second half could reset 2026 liquidity expectations.