Bitcoin Drops Below $75K on Strong Jobs Data — SkimNews
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- Bitcoin dipped to $74,762, its lowest level since August 21, under pressure from rising U.S. rate-hike expectations after stronger-than-expected jobs data.
- U.S. nonfarm payrolls rose by 165,000 in October, far exceeding the 65,000 forecast, with September’s figure revised up to 60,000, signaling sustained labor-market strength.
- Federal Reserve rate-hike odds for December increased to 76.8% from 66.9% following the jobs report, reducing liquidity expectations and weighing on risk assets like crypto.
- Nasdaq Composite Index gained 1.8% in early trading as investors bought discounted tech stocks, highlighting a divergence from crypto market performance.
- Keith Alan, cofounder of Material Indicators, warned that a break below $75,500 support could push Bitcoin down to $69,000, pending the weekly candle close.
- Crypto liquidations exceeded $1 billion as Bitcoin tested 11-week lows, according to Decrypt and The Block, reflecting heightened market stress.
Why it matters: Bitcoin’s drop on strong economic data reverses its usual correlation with risk assets, as tighter monetary policy expectations drain liquidity. With $1B+ in liquidations and a key support level at risk, traders face heightened downside pressure just as Wall Street rebounds.
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