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Bitcoin fell to $74,762 shortly after Friday’s US stock market open, its weakest level since Aug. 21, as cryptocurrencies failed to follow a rebound in technology shares, Cointelegraph reported. The decline came after October’s US employment report beat forecasts by a wide margin.
Cointelegraph noted that the total value of the crypto market slipped 0.5% over the day, while US equities moved in the opposite direction. The S&P 500 was up 0.6% and the Nasdaq Composite up 1.2% at the time of writing.
Also read: Bitcoin Slips Below $80,000 as Fed Meeting and ETF Outflows Weigh
Key facts
- BTC/USD reached $74,762, its lowest price since Aug. 21, and traded back below $75,000.
- US nonfarm payrolls showed 165,000 jobs added in October versus expectations of 65,000, with September’s figure revised up to 60,000 from 29,000.
- The unemployment rate came in at 4.1%, below the 4.2% forecast.
- Odds of a 25-basis-point Fed hike in December rose from 66.9% to 76.8% on CME Group’s FedWatch Tool.
- Tech names SanDisk and Micron Technologies each gained 6.3%.
Jobs surprise lifts rate-hike expectations
According to the Bureau of Labor Statistics release, hiring rose in professional and business services, health care, and transportation and warehousing. A firmer labour market can weigh on crypto and other risk assets, since it suggests the economy can absorb tighter financial policy, which can limit the liquidity flowing into markets.
That read was reflected in rate expectations. A comparison of target-rate probabilities for the December Federal Open Market Committee meeting, published through the CME FedWatch Tool, showed the chance of a hike climbing to 76.8% from 66.9% before the data.
Bitcoin tests the 50-week moving average
Bitcoin touched support around its 50-week simple moving average at $77,533. Keith Alan, cofounder of trading platform Material Indicators, said the trend line had held since mid-September, but he cautioned that its strength could not be confirmed before the weekly close.
Alan said BTC/USD could fall as far as $69,000 if the region near $75,500 gives way. A recovery, in his view, would require the pair to print a run of higher highs and higher lows on shorter time frames.
Why it matters
The session showed bitcoin detaching from the equity market it has often tracked, a pattern that leaves crypto holders more exposed to rate expectations than to stock sentiment. Traders who bought into the post-election advance are now watching a key technical level decide whether the pullback deepens. The gap matters for leveraged positions and for funds that treat bitcoin as a risk proxy.
What to watch
The weekly candle close will show whether the 50-week moving average holds as support. The December FOMC meeting is the next major policy marker, with rate expectations now leaning further toward tightening.
Price levels discussed here reflect analyst views and are not financial advice; crypto markets are volatile and can move sharply in either direction.
Reported by Cointelegraph.
Source: Cointelegraph