Bitcoin Slips Below $75,000 as Strong Jobs Data Lifts Fed Rate Hike Bets
Bitcoin fell to $74,762 on Friday, November 6, its lowest level since August 21. A strong US jobs report raised bets on a December Fed rate hike. Stocks rebounded the same day, but Bitcoin did not follow. As of Saturday, November 7, it trades near $75,700.
What Happened on Friday
The US economy added 165,000 jobs in October, against forecasts of about 65,000. September’s figure was revised up from 29,000 to 60,000. Unemployment dropped to 4.1%, below the expected 4.2%.
CME FedWatch put the odds of a 25-basis-point hike on December 9 at 76.8%, up from 66.9%. Strong hiring lets the Fed keep tightening, which drains liquidity from risk assets. The 10-year Treasury yield rose to about 4.88%.
Nasdaq gained 1.8% in the first hour, led by chip stocks. SanDisk and Micron rose 6.3%. Bitcoin dipped below $75,000 and then recovered to the mid-$75,000s, leaving the total crypto market cap down about 0.5%.
How the Week Got Here
Bitcoin started the week strong. After Democrats won the House and Senate in the November 3 midterms, it climbed above $80,000 on Wednesday. Spot Bitcoin and Ether ETFs took in $128 million that day.
The rally reversed on Thursday. Traders sold tech stocks on fears that Democrats would tighten AI regulation, which would hurt AI spending plans. The Nasdaq fell 5.5%, its largest one-day drop since April 2025, and the Philadelphia Semiconductor Index lost 12.2%.
Bitcoin dropped as much as 6.6% to about $75,100. Crypto liquidations reached nearly $850 million over 24 hours. Spot Bitcoin ETFs lost $430 million, and BlackRock’s IBIT has seen more than $1 billion leave over five straight sessions.
The sell-off spread to Asia on Friday. South Korea’s KOSPI fell over 8%, triggering a circuit breaker, and closed 6% lower. Seoul suspended brokerage margin-loan collateral rules for three months to limit forced selling.
Why the Fed Is Raising Rates
The hike bets trace back to the US-Iran war, which began on February 28. Oil prices jumped on supply disruptions and fed into inflation. In March, markets still expected rate cuts this year, but that view reversed within weeks.
The Fed raised rates in September for the first time since 2023, in a unanimous 12-0 vote. On October 28 it held at 3.75% to 4.00%. Governor Lisa Cook and Cleveland Fed President Beth Hammack voted for another hike.
September consumer prices rose 3.7% from a year earlier, and WTI crude was near $100 a barrel in late October. It slipped back toward $90 this week but rebounded on reports of new tanker attacks. Bitcoin pays no yield, so higher Treasury yields make it less attractive.
How Bitcoin Reached This Level
Bitcoin set a record above $126,000 in October 2025. It now trades about 40% below that peak and roughly $25,000 below its price a year ago. In late June 2026 it fell to a low near $57,000.
Since then it has recovered to a range between $75,000 and $82,500, where $81,000 to $82,500 has capped repeated rallies. The mid-$75,000 zone has held on election night and several times since August.
Its relationship with stocks has also changed. Bitcoin’s correlation with the S&P 500 has grown more positive in recent months, so it falls with stocks on bad days. On Friday it failed to join the rebound.
Levels and Risks Ahead
Analyst Keith Alan of Material Indicators said the 50-week moving average has served as support since mid-September. He said the zone near $75,500 must hold through the weekly close. If it fails, he sees $69,000 as the next target.
Trader Rekt Capital pointed to a similar setup in May. Bitcoin moved sideways near $80,000 before breaking down to $57,000 in late June. That pattern is a warning, not a forecast.
The bullish case also has support. Analyst Michaël van de Poppe expected both Nasdaq and Bitcoin to find a bottom around Friday. The Kobeissi Letter called Thursday’s stock decline more technical than fundamental and doubted that the US would ban AI. Cointelegraph noted that Democratic midterm wins under Republican presidents have historically been followed by strong stock returns.
Still, the bearish factors are measurable. ETFs have net outflows of about $510 million this year, and rate-hike odds are rising. Leveraged positions keep amplifying each drop.
What to Watch Next
The next data point is October inflation, due November 10. A hot reading would raise December hike odds further and could push yields higher. A soft one would ease pressure on risk assets.
The Fed meets December 8 and 9 and will publish new economic projections. Oil prices and the Iran war remain the main drivers of inflation expectations. For Bitcoin, the immediate test is whether $75,000 holds through the weekly close.
