Bitcoin falls below $75K as crypto lags tech rebound
BROBROK News · Based on reporting by Cointelegraph ·
Bitcoin dropped under $75,000 after the US market open, hitting its weakest level since Aug. 21. Crypto stayed under pressure even as tech stocks rebounded, following stronger-than-expected US jobs data that lifted expectations for a December Fed rate hike.
Key points
- BTC fell to $74,762, its lowest since Aug. 21.
- The Nasdaq Composite and S&P 500 recovered after Thursday’s tech sell-off.
- US nonfarm payrolls rose by 165,000 in October, above forecasts.
- Market odds of a 25 bps Fed hike in December increased after the report.
- Analysts said a break of 50-week support could expose BTC to a move toward $69,000.
Why it matters
Stronger labor data can support a more restrictive Fed outlook, which often weighs on liquidity-sensitive assets like crypto. The split between BTC and equities also shows that not all risk assets are reacting the same way to the macro backdrop.
Original headline: “Bitcoin price dips under $75K as crypto markets miss tech-stock rebound”
Read the original on Cointelegraph
Summary and analysis written by BROBROK News from the original report. Read the full story on the source website. Not investment advice.