Bitcoin fell below $75,000 on Friday, 6 November, dropping to its lowest level in more than two months.
The price hit $74,762 after the US stock market opened, its lowest since 21 August, according to TradingView data. The total crypto market was down about 0.5% on the day.
Strong jobs data
The fall followed a stronger than expected US jobs report. The economy added 165,000 jobs in October, well above the 65,000 forecast, and September’s figure was revised up from 29,000 to 60,000. The unemployment rate came in at 4.1%, below the expected 4.2%.
“Employment increased in professional and business services, in health care, and in transportation and warehousing,” the US Bureau of Labor Statistics said.
Strong jobs data can push the Federal Reserve towards higher interest rates, which tends to weigh on assets such as Bitcoin. After the report, the chance of a 0.25 percentage point rate rise at the Fed’s December meeting climbed from about 67% to about 77%, according to CME Group’s FedWatch tool.
Stocks bounce, Bitcoin does not
US stocks recovered from Thursday’s sell-off. During Friday’s session, the S&P 500 was up 0.6% and the Nasdaq Composite up 1.2%, with memory chip makers SanDisk and Micron Technology each rising 6.3%.
Bitcoin did not join the rebound, after falling sharply alongside tech stocks on Thursday.
Key levels
Bitcoin tested support near its 50-week moving average, a long-term trend line at about $77,500 that had acted as support since mid-September.
Keith Alan, co-founder of trading analytics firm Material Indicators, said on X that “we can’t confirm its durability before the W close,” referring to the end of the weekly trading candle. He said Bitcoin could fall towards $69,000 if the area around $75,500 does not hold, and that a recovery would need a run of higher highs and higher lows.
What happens next
The weekly close on Sunday is the next test for Bitcoin. A December rate rise is now seen as more likely, which could keep pressure on prices unless inflation data cools before the Fed meets.
