Crypto · $BTC/USD
Bitcoin Slips to About $75,400 After Jobs Report as Crypto Sits Out the Stock Rebound
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While the Nasdaq bounced on Friday, bitcoin drifted to its weakest level since mid-September, with traders watching $75,000 as a key support level.
By Noris Ortiz ·
Bitcoin edged lower on Friday morning even as US stocks rebounded from Thursday's rout, leaving the largest cryptocurrency near its weakest level since mid-September and testing a support zone that traders have been watching closely.
The price was near $76,000 before the US employment report, CoinDesk reported. Just after the 8:34 a.m. ET release it traded at about $75,800, and by 11:23 a.m. ET it had slipped to roughly $75,400, its lowest level since mid-September, according to the outlet's live market coverage [1]. CoinDesk noted that a break below $75,000 would take bitcoin back to levels last seen in mid-August [1].
The move stood apart from equities. Nasdaq-100 futures were up about 1.5% when the report crossed the wires, and the Nasdaq was up 2% by 9:26 a.m. ET before narrowing to 1.3% by late morning, CoinDesk said [1]. Reuters had the Nasdaq up 1.7% and the S&P 500 up 0.6% in its Friday report [3]. Bitcoin did not take part in that recovery, which CoinDesk described as crypto not participating in the equity rally [1].
The jobs report itself was strong. Payrolls rose 165,000 in October against a 65,000 forecast, and unemployment fell to 4.1%, Reuters said [3]. For crypto, the data matters mainly through interest rates. Reuters reported that market bets on a December Fed rate hike rose to 78% from 70%, while the 10-year Treasury yield stood at 4.87% and the dollar index rose 0.7% [3]. Higher yields and a stronger dollar have tended to be unfriendly conditions for assets that pay no income, though the sources reviewed here do not directly tie Friday's bitcoin drift to either.
Positioning has been part of the story this week. CoinDesk's Daybook reported that bitcoin was trading around $76,100 at 7:30 a.m. ET, down about 5.2% over 24 hours, and that the CoinDesk 20 index had fallen 6.17% over the same period, which it attributed to pressure from the artificial-intelligence trade [2]. More than $1.27 billion in crypto derivatives positions were liquidated in 24 hours, and more than $1.1 billion of that was bullish bets, a pattern consistent with leveraged long positions being forced out [2].
Spot demand has not stepped in so far. Spot bitcoin exchange-traded funds recorded $430.2 million in net outflows on Thursday, CoinDesk reported. Analysts at Bitfinex said that "sustaining this bounce requires actual spot demand" [2].
The technical picture is also fragile. CoinDesk said bitcoin has dropped below its 50-week exponential moving average, near $78,400, and is testing $75,000 support, and that a weekly close below the average would typically signal a medium-term break in the bullish trend [2]. Jasper De Maere of Wintermute said bitcoin would need to reclaim and hold $80,000 to signal renewed strength, and he named $73,000 and $68,000 as possible downside targets [2]. Those levels are one analyst's view rather than a forecast, and traders hold a range of opinions on where the market goes next.
Several developments could set the direction over the coming sessions. A weekly close relative to the 50-week average will be an early test of the trend. The next reading on inflation and the Fed's December meeting will shape expectations for rates, which have been the main macro driver for crypto this week. ETF flow data will show whether institutional buyers are returning. And a continued recovery in technology shares could ease the pressure on risk assets generally, although bitcoin's lack of response on Friday suggests the link is not guaranteed.
Sources:
[1] CoinDesk, "Live updates: Bitcoin holds in narrow range, stocks bounce after strong October jobs report", November 6, 2026. https://www.coindesk.com/tech/2026/11/06/live-updates-nasdaq-100-futures-rally-points-to-stock-market-respite
[2] CoinDesk, "Over $1 billion in bullish bets liquidated while ETFs suggest no help in spot market: Crypto Daily", November 6, 2026. https://www.coindesk.com/daybook-us/2026/11/06/over-usd1-billion-in-bullish-bets-liquidated-while-etf-flows-suggest-no-help-in-spot-market
[3] Reuters, "Strong October jobs report sends yields higher", November 6, 2026. https://finance.yahoo.com/economy/policy/articles/strong-october-jobs-report-sends-134858909.html
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.