Bitcoin Falls Below $75K as Strong US Jobs Data Pressures Crypto

Bitcoin dropped to $74,762 after the opening of Friday’s US trading session, its lowest level since Aug. 21, while the broader crypto market capitalization fell 0.5%. The move contrasted with a rebound in technology stocks: the Nasdaq Composite gained 1.8% in its first hour and was up 1.2% at the time of writing, while the S&P 500 rose 0.6%. SanDisk and Micron Technology each climbed 6.3%.

The cryptocurrency sell-off followed stronger-than-expected US employment data. The Bureau of Labor Statistics reported that the economy added 165,000 jobs in October, compared with analyst expectations of 65,000. September’s job gain was also revised from 29,000 to 60,000, while the unemployment rate came in at 4.1% rather than the predicted 4.2%.

Stronger labor figures reduced expectations for easier monetary policy and weighed on risk assets including cryptocurrency. According to CME Group’s FedWatch Tool, the probability of the Federal Reserve raising interest rates by 25 basis points in December increased from 66.9% to 76.8%. With investors anticipating tighter financial conditions and potentially reduced liquidity, Bitcoin struggled to keep pace with recovering technology shares.

Technical analysis also highlighted downside risk. Bitcoin tested support near its 50-week simple moving average at $77,533, and Keith Alan, co-founder of Material Indicators, warned that a break below that trend line could open a path toward $69,000. Some altcoins remained resilient, with Solana up 1.03%, BNB up 0.50%, and Stellar up 2.33%, but the sector broadly reflected caution following the jobs report.