Bitcoin price dips under $75K as crypto markets miss tech-stock rebound

Bitcoin (BTC) set new multi-week lows after Friday’s Wall Street open as BTC price action diverged from stocks.

Key points:

• Bitcoin fell to $74,762 after the start of Friday’s US trading session, its lowest level since Aug. 21.
• Investors piled into tech stocks after Thursday’s sell-off, with the Nasdaq Composite Index gaining 1.8% in the first hour.
• BTC price analysis warned that $69,000 could return if 50-week trend line support gave way.

Bitcoin extends losses after US jobs data beats forecasts

Data from TradingView showed BTC/USD dipping below $75,000 to levels last seen in mid-August. The total crypto market cap was down 0.5% on the day.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

US stock markets rebounded as traders took advantage of heavily discounted tech shares. The S&P 500 and Nasdaq Composite Index traded up 0.6% and 1.2%, respectively, at the time of writing.

Nasdaq Composite Index one-hour chart. Source: Cointelegraph/TradingView

Certain tech stocks saw much sharper gains, with SanDisk and Micron Technologies both up 6.3%.

US nonfarm payrolls data released on Friday showed that the economy added 165,000 jobs in October, well above market expectations of 65,000. September’s 29,000 figure was also revised upward to 60,000.