Bitcoin struggles below $76,000 as strong US jobs report adds to crypto market pressure

Bitcoin remained under pressure on Friday, November 6, as stronger-than-expected US employment figures reinforced expectations of another Federal Reserve interest rate increase, complicating efforts to recover from Thursday's cryptocurrency selloff.

Ethereum and other major tokens also struggled, with institutional withdrawals and heavy leveraged liquidations keeping investors cautious.

Price overview

During Friday's trading, Bitcoin hovered around $75,500, after briefly recovering above $76,100 following the employment report.

Ethereum traded near $2,225, while Solana stood around $90.60 and XRP near $1.18.

Bitcoin remained well below Wednesday's peak above $81,000, having surrendered its post-election gains.

Strong payrolls increase rate hike expectations

The US economy added 165,000 jobs in October, comfortably exceeding forecasts of approximately 65,000, while unemployment declined to 4.1%.

Following the release, market-implied expectations of a 25-basis-point Federal Reserve rate increase in December rose from approximately 67% to 77%.

Higher borrowing costs generally reduce demand for speculative assets, adding pressure to cryptocurrencies.

ETF withdrawals deepen concerns

US spot cryptocurrency exchange-traded funds recorded combined net outflows exceeding $500 million on Thursday.

Bitcoin funds accounted for approximately $430 million of those withdrawals, highlighting continued institutional caution.

Leveraged liquidations accelerate

More than $1 billion in bullish cryptocurrency positions were liquidated during Thursday's selloff, amplifying losses across major tokens.

The retreat coincided with heavy selling in US technology stocks, particularly semiconductor companies.

Market outlook

Bitcoin faces immediate support around $75,000, followed by $73,200, near its 200-day moving average.

Resistance stands around $76,950, with a stronger barrier at $80,000.

The next US inflation figures will be closely watched for signs that the Federal Reserve may need to maintain restrictive monetary policy into December.