Bitcoin sinks to $74,762, its lowest since August, as Wall Street bounces back but still logs a losing week

Bitcoin ended the week on a new low. It dropped to $74,762 soon after Wall Street opened on Friday, its weakest level since August 21, Cointelegraph reported, as a stronger-than-expected October jobs report lifted expectations of a Federal Reserve rate hike in December. It was trading sideways at $75,000, a CryptoProwl report carried by Yahoo Finance said at 2:50pm Pacific.

Stocks did not follow. The Nasdaq Composite rose 1.1% to 24,579.42 and the S&P 500 added 0.3% to 7,376.86, while the Dow Jones Industrial Average slipped 0.5% to 51,285.73, the Associated Press reported. The bounce only repaired part of Thursday's damage: for the week, the Nasdaq lost 3.4%, the S&P 500 2.7% and the Dow 0.9%.

The jobs report showed 165,000 positions added in October against market expectations of 65,000, with unemployment at 4.1%, Cointelegraph reported. CME FedWatch odds of a quarter-point hike at the December meeting rose from 66.9% to 76.8%. Strong labor data can be a headwind for crypto because it suggests the economy can absorb tighter policy, Cointelegraph noted.

The spot market has offered little support. U.S. spot bitcoin ETFs recorded $430.2 million of net outflows on Thursday, led by Fidelity's FBTC at $199.9 million and BlackRock's IBIT at $105 million, and $869.8 million for the week through Thursday, CoinDesk reported, citing SoSoValue. Keith Alan, cofounder of Material Indicators, wrote on X, Cointelegraph reported, that bitcoin could fall toward $69,000 if the area around $75,500 fails to hold, and that "we can't confirm its durability before the W close," referring to the weekly candle. Prices move fast; the figures above are as of the times stated.