Key Notes
- Bitcoin recovered to about $75,900 at 17:14 UTC after reaching $74,722 on Coinbase earlier Friday.
- October US payrolls rose by 165,000 versus a 59,000 consensus forecast, while unemployment fell to 4.1%.
- US spot Bitcoin ETFs lost $430 million on Thursday, adding to pressure as stronger hiring lifted December rate hike bets.
Bitcoin recovered toward $76,000 on Friday after falling below $75,000 in a volatile session, as a stronger-than-expected US jobs report reinforced expectations for another Federal Reserve rate increase.
The cryptocurrency traded near $75,900 on Coinbase at 17:14 UTC on November 6, up from an afternoon low of $74,722 on the exchange. The rebound came a day after a sharp technology-stock selloff and heavy withdrawals from US spot Bitcoin exchange-traded funds.
Bitcoin Recovers From Its Afternoon Low
The payrolls release initially produced a sharp move in both directions. Bitcoin Magazine reported a brief rise above $76,100 before Bitcoin retreated toward $75,500 as traders digested the release.
Coinbase’s minute-by-minute trading data show Bitcoin was already below $76,000 immediately before the 13:30 UTC release, with the preceding minute closing near $75,929. It finished the release minute around $75,644 and subsequently traded as low as $74,722 at 15:05 UTC before recovering.
The volatility extended Thursday’s selloff, which had already pushed Bitcoin below $76,000 amid falling technology shares and leveraged liquidations. The labor-market figures added a fresh concern about interest rates to that existing weakness.
Payrolls and Wages Beat Expectations
The US added 165,000 nonfarm jobs in October, nearly three times the 59,000 Dow Jones consensus forecast cited by CNBC. The unemployment rate edged down to 4.1% from 4.2%, below expectations for an unchanged reading.
The BLS report also revised August and September hiring upward by a combined 84,000 jobs. August’s increase now stands at 186,000, while September’s gain was raised to 60,000. October’s result exceeded the preceding 12-month average of 48,000.
Hiring was strongest in professional and business services, which added 70,000 jobs, followed by health care with 42,000 and transportation and warehousing with 25,000. Average hourly earnings increased 0.4% from September and 3.1% from a year earlier, beating the respective 0.3% and 2.9% forecasts reported by CNBC.
There were softer details beneath the headline numbers. The number of people working part time for economic reasons increased by 339,000 to 4.8 million, according to the BLS, even as the main unemployment rate declined.
Stronger Hiring Lifts Rate Hike Bets
The Fed kept its target range at 3.75% to 4.00% in its October decision. The vote was 10 to 2, with both dissenters favoring a quarter-point increase. The committee said inflation remained elevated.
Friday’s stronger hiring, upward revisions and wage growth give policymakers more room to prioritize inflation over immediate support for employment. For Bitcoin, the risk is that higher borrowing costs and tighter financial conditions restrain demand for speculative assets.
CNBC reported that futures traders raised the probability of a quarter-point December increase to about 77% after the report, citing CME FedWatch. That was a market-implied estimate following the release, rather than a Fed commitment. November’s jobs report is due December 4, ahead of the December 8–9 policy meeting.
ETF Outflows Weigh on the Backdrop
US spot Bitcoin ETFs recorded $430.2 million in net outflows on Thursday, November 5, according to Farside Investors. Fidelity’s FBTC accounted for $199.9 million and BlackRock’s IBIT for $105 million.
Across the first four trading days of the week, the funds lost about $869.8 million net, including Wednesday’s inflows. Friday’s fund-level figures had not yet been reported when this article was updated.
The price recovery therefore comes against two distinct pressures: a stronger labor market that supports higher interest rates, and recent withdrawals from a major source of Bitcoin demand. Holding the rebound would mark an improvement in trading conditions, while the next jobs and inflation readings will help shape the Fed’s December decision.
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