U.S. jobs surged, but Bitcoin has more reason to worry. The U.S. October employment report showed: • Nonfarm Payrolls: +165,000, nearly triple the forecast of +59,000. • Unemployment fell to 4.1%. • Kalshi is pricing in a 77% chance of a 25-bps Fed rate hike in December. This is significant. Markets had previously focused on whether the Fed would cut rates quickly or slowly. But now, an alternative scenario is emerging: the Fed may need to raise rates again. Strong job growth is typically a positive sign for the economy. But if it prolongs inflationary pressures, monetary policy could remain tight. For Bitcoin, the issue isn’t just about the news. BTC is trading around $76,000, while the 50-week SMA sits at approximately $75,580—a mere 0.6% gap. If the cost of capital continues to rise, this price zone will become a critical test for the market. Perhaps it’s time to stop waiting solely for a Fed pivot and start seriously considering the opposite scenario. Do you think the market has fully priced in the possibility of a Fed rate hike?