Bitcoin falls below $75,000 as stocks rebound

Bitcoin fell below $75,000 after Friday’s U.S. market open, reaching $74,762, its lowest level since Aug. 21. Technology stocks rebounded from the previous session’s sell-off, with the Nasdaq Composite rising 1.8% in the first hour of trading.

Later in the session, the S&P 500 and Nasdaq Composite were up 0.6% and 1.2%, respectively. SanDisk and Micron Technology each gained 6.3% as investors bought technology shares after their decline the previous day. The total cryptocurrency market capitalization fell 0.5%.

Bitcoin’s decline followed stronger-than-expected U.S. employment data. The economy added 165,000 jobs in October, according to the Bureau of Labor Statistics, exceeding economists’ forecast of 65,000. September’s job gain was revised to 60,000 from 29,000.

The unemployment rate fell to 4.1%, compared with the 4.2% forecast. Employment increased in professional and business services, health care, and transportation and warehousing, the BLS said.

The data raised the probability of a 25-basis-point Federal Reserve interest-rate increase at the central bank’s December meeting to 76.8% from 66.9%, according to CME Group’s FedWatch Tool. Higher interest rates can reduce liquidity available to risk assets, including cryptocurrencies.

Bitcoin traded below its 50-week simple moving average, which stood at about $77,533 and had provided support since mid-September.

Keith Alan, co-founder of crypto trading platform Material Indicators, identified about $75,500 as a support level that needed to hold through the weekly close. In a post on X, he wrote, “As strong as this support level looks from both a technical and structural perspective, we can’t confirm its durability before the W close.”

Alan wrote that Bitcoin could fall to $69,000 if support near $75,500 failed. He said a recovery would require a series of higher highs and higher lows on shorter-term charts.

Reviewed and fact-checked by Alex Panasenko on November 6.