Bitcoin price dips under $75K as crypto markets miss tech-stock rebound
BTC price action stayed weak after US nonfarm payrolls data significantly beat forecasts, increasing bets of a December interest-rate hike.
Bitcoin's price dropped below $75,000 as cryptocurrency markets failed to rebound alongside tech stocks. The US nonfarm payrolls data released on Friday significantly exceeded expectations, with 165,000 jobs added in October, well above the predicted 65,000. This strong labor market performance may hinder crypto and risk assets, as it indicates the economy can handle financial policy tightening, reducing liquidity inflows.
Expectations of the Federal Reserve increasing interest rates by 25 basis points at their December meeting rose from 66.9% to 76.8%, according to CME Group's FedWatch Tool. Bitcoin tested support around its 50-week simple moving average (SMA) at $77,533. Analysts warn that a drop to $69,000 is possible if this support level fails to hold.
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