Bitcoin fell below $76,000 on Friday, Nov. 6, after stronger-than-expected U.S. employment data reinforced expectations that the Federal Reserve may raise interest rates again. The Bureau of Labor Statistics reported 165,000 new payroll jobs for October, while the unemployment rate declined to 4.1%.

The figures, released at 8:30 a.m. Eastern Time, followed a technology-led selloff across U.S. financial markets and $430.2 million in withdrawals from U.S. spot Bitcoin exchange-traded funds on Thursday, Nov. 5. Bitcoin had already weakened ahead of the report, and the reaction to the data added pressure to a market struggling to sustain its post-election recovery.

Bitcoin Price Drops as Jobs Data Beats Forecasts

Bitcoin was trading around $76,000 just before the October employment report, following a steep decline during Thursday's session. Minutes after the release, BTC slipped toward $75,200 before buyers pushed the price back toward its earlier level (see the market update on X).

According to the Bureau of Labor Statistics, U.S. employers added 165,000 jobs in October, exceeding forecasts of approximately 65,000. The unemployment rate fell from 4.2% to 4.1%, signaling that the labor market remained relatively firm.

The government also revised August and September payroll figures higher by a combined 84,000 jobs. September's employment gain was raised to 60,000 from 29,000, while August's figure rose by another 53,000. The upward revisions added to the sense that U.S. hiring had been firmer in prior months than first estimated.

Hiring was strongest in professional and business services, which added 70,000 jobs during October. Healthcare and transportation businesses also increased employment, and average hourly earnings rose 0.4% from September.

The employment figures arrived after Bitcoin's post-election recovery had already begun losing momentum. BTC briefly traded above $80,000 following the U.S. midterms before falling sharply as technology stocks weakened.

Fed Rate Hike Expectations Rise After Strong Payrolls

The stronger jobs report led traders to raise their expectations for another Federal Reserve interest rate increase in December, the Fed's final scheduled meeting of the year. Fed funds futures — derivative contracts traders use to position around Federal Reserve policy — indicated an approximately 79% probability of a quarter-point hike, up from roughly 75% before the announcement.

The repricing followed evidence that hiring remained stronger than economists had expected, while unemployment declined slightly and wage growth stayed firm — giving policymakers another employment reading to consider alongside inflation figures.

The U.S. dollar strengthened after the release, and Treasury yields moved higher as traders adjusted their interest rate expectations. Higher yields raise the opportunity cost of holding assets such as Bitcoin and gold, which do not provide regular interest payments.

Bitcoin was not the only asset to fall. Gold also reacted to the report, dropping from approximately $4,062 to $4,032 per ounce before recovering toward $4,050. Amid the decline, Goldman Sachs lowered its gold price forecasts as it assessed the Fed's tighter policy outlook, cutting its end-2026 target to $4,150 per ounce from $4,650 and its end-2027 target to $4,800 from $5,400.

As previously reported, the Federal Reserve held its benchmark interest rate at 3.75% to 4% at its October meeting. Policymakers will receive further inflation and employment data before deciding whether another increase is necessary in December.

Bitcoin ETF Outflows Add to Crypto Market Selling Pressure

Bitcoin's reaction to Friday's report followed heavy selling across U.S. financial markets on Thursday after the U.S. midterm elections. BTC had already fallen from above $80,000 toward $75,000 as technology shares recorded substantial losses.

The decline coincided with renewed Bitcoin ETF withdrawals, which reached $430.2 million on November 5. The outflows reversed the previous session's inflows and brought November's total net withdrawals through Thursday to approximately $869.8 million. Because spot Bitcoin ETFs hold the asset directly and disclose their daily flows, the figures are widely tracked as a near-real-time gauge of investor demand through U.S.-listed funds.

Fidelity's FBTC recorded $199.9 million in withdrawals, while BlackRock's IBIT lost another $105 million. The selling also affected other funds, including Grayscale's GBTC and Ark Invest's ARKB.

With Bitcoin below $76,000, traders are monitoring whether buyers can defend the recent $75,000 support area, a level widely viewed as key after the week's declines. A move below Thursday's low near $75,100 would expose that level again, while a recovery above $76,000 would ease immediate pressure.

This article provides market information, not investment advice. Bitcoin and leveraged investments can produce substantial losses.