Bitcoin falls below $75,000 as US jobs data beats forecasts

Key points

• Bitcoin hit $74,762 after the US open, its lowest level since 21 August, while the total crypto market cap fell 0.5% on the day.
• US nonfarm payrolls showed 165,000 jobs added in October against expectations of 65,000, with the unemployment rate at 4.1%.
• CME FedWatch data put the chance of a 25 basis point December rate hike at 76.8%, up from 66.9%.

Bitcoin fell under $75,000 after the US market opened on 6 November, with BTC/USD reaching $74,762, its weakest level since 21 August, Cointelegraph reports. The wider crypto market slipped 0.5% on the day while tech stocks recovered from Thursday's sell-off.

The move followed US nonfarm payrolls data showing 165,000 jobs added in October, far above the 65,000 expected. September's figure was revised up from 29,000 to 60,000, and unemployment came in at 4.1% against a forecast of 4.2%.

Strong labour data can weigh on crypto and other risk assets, since it suggests the economy can absorb tighter policy and leaves less liquidity flowing into markets. Bets on a 25 basis point Fed rate hike in December rose to 76.8% from 66.9%, according to CME Group's FedWatch Tool.

SanDisk and Micron Technologies each gained 6.3%. Keith Alan, cofounder of Material Indicators, said Bitcoin's 50-week simple moving average near $77,533 had come under test, and warned a fall through the $75,500 area could open a drop towards $69,000.

What to watch: Bitcoin's 50-week trend line is being tested, and Keith Alan says its durability cannot be confirmed before the weekly candle close.

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