Bitcoin held above the $90,000 level on Friday after the latest US labor market data showed slower hiring but no sign of a sharp economic downturn. 

The report removed one key downside risk for crypto markets. However, it did not yet create the conditions for a fast move back toward $100,000.

The US economy added 50,000 jobs in December. That was one of the weakest monthly gains in years. At the same time, the unemployment rate fell to 4.4% and wage growth stayed firm at 3.8% year over year.

Markets read the data as a cooling labor market, not a collapsing one. That kept risk assets stable, including Bitcoin, which has traded between $89,000 and…