Bitcoin fell to $75,799 after a blowout US jobs report showed 165k new hires, pushing the cryptocurrency below its 100-hour moving average as investors recalibrate interest rate expectations.
Bitcoin extended its pullback from the month's high of $81,027 to about $75,799 on Friday, falling below the 100-hour moving average. The drop came amid strong US data (October NFP 165k vs 65k forecast), which supports hawkish Fed expectations and weighs on risk assets. A bounce from oversold 14-hour RSI suggests limited near-term rebound potential toward $78,599.
The report was much stronger than expected, with 165k new jobs versus a 65k forecast, which points to a resilient US economy and can reduce hopes of interest rate cuts, weighing on Bitcoin.
Bulls aim for a rebound toward $78,599 and possibly $81,027, while bears target drops to $73,228, $70,800, and in an extended decline $69,585 or lower.
Friday's October nonfarm payrolls of 165k far exceeded the 65k forecast, unemployment fell to 4.1%, and wage growth beat at 0.4% MoM and 3.1% YoY. Consistently strong US data across the week (ISM Manufacturing 55.5, jobless claims 189k) supports expectations of a hawkish Federal Reserve, which is positive for the dollar.
The strong October jobs report, with 165k new jobs versus 65k expected and a falling unemployment rate of 4.1%, is supportive for the dollar as it suggests the US economy remains robust.
Bitcoin retreated to $75,799 on Friday, breaking below its 100-hour moving average as robust US labor market data fueled hawkish Federal Reserve expectations. October nonfarm payrolls surged to 165,000, significantly outperforming the 65,000 forecast, while unemployment dropped to 4.1%. The strengthening US dollar continues to weigh on risk assets, though technical indicators suggest a potential short-term rebound.
The report was much stronger than expected, with 165k new jobs versus a 65k forecast, which points to a resilient US economy and can reduce hopes of interest rate cuts, weighing on Bitcoin.
Bulls aim for a rebound toward $78,599 and possibly $81,027, while bears target drops to $73,228, $70,800, and in an extended decline $69,585 or lower.