Bitcoin fell below the $75,000 mark on Friday, November 6, reaching $74,762 during US trading hours and recording its lowest price since August 21. The decline came as cryptocurrency markets failed to follow the recovery in US technology stocks, with the Nasdaq Composite gaining 1.8% in the first hour of trading.
The latest pressure on Bitcoin followed stronger-than-expected US employment data. The US economy added 165,000 jobs in October, significantly above market expectations of 65,000, while the unemployment rate stood at 4.1%. The stronger labor market increased expectations of another Federal Reserve interest rate hike in December, with the probability of a 25-basis-point increase rising from 66.9% to 76.8%, according to CME Group’s FedWatch Tool.
Meanwhile, Bitcoin faced technical pressure around its 50-week simple moving average of $77,533. Market analyst Keith Alan warned that a break below the $75,500 support area could push Bitcoin toward $69,000. He added that a sustained recovery would require the cryptocurrency to establish higher highs and higher lows across shorter timeframes.
