Bitcoin Slides to Lowest Level in Months
Bitcoin briefly dipped below the $75,000 threshold on Friday, caught in the wake of a global equity sell-off that erased trillions in market value from tech giants. Adding to the market turbulence, fresh U.S. economic data revealed an unexpected payroll surge: The economy added 165,000 jobs, smashing consensus estimates of 64,000 and likely complicating expectations for upcoming Federal Reserve rate cuts.
Market data indicates bitcoin established strong support above $75,000 following a 5% drop roughly 24 hours prior. However, the cryptocurrency faced persistent resistance at the $76,000 threshold, with every breakout attempt triggering a quick sell-off. This pattern played out three times, with the initial two pullbacks dragging the price progressively closer to its $75,000 floor.
Shortly after bitcoin surpassed $76,000 for the third time around 8:25 a.m. EST, selling pressure intensified, sending the price to $74,762, its lowest level since Aug. 21. Still, by 11:48 a.m. EST, bitcoin had recovered slightly and was trading under $75,700, leaving it down nearly 1.5% over the previous 24 hours.
