Last night, Bitcoin was still partying at $93,660, but today it slammed on the brakes—both the US ADP employment data and PPI inflation index beat expectations, and the market instantly turned sour.

The job market is booming and prices are still high. Fed rate cuts? Don’t even think about it.

Bitcoin dropped over 2% within 24 hours, crumbling right after touching $93,500. On-chain data is even more brutal: whales dumped 810,000 coins in a single day, a certain compliant platform’s premium indicator flipped negative, and retail investors followed with panic selling. $300 million in liquidations—like adding a soundtrack to this massacre.

US stocks, on the other hand, soared; after all, strong economic data is a boon for equities. The crypto world wasn’t so lucky—risk assets facing a “rate-cut expectation collapse” have basically no way out.

Now, $93,500 has become the line between life and death: hold it, and there’s still hope for a Christmas rally; lose it, and it’s straight down to $60,000 for a real showdown.

The roller coaster has just started; every data release from now on will be a test.