Bitcoin briefly slipped under $75,000 on Friday, the first time since August, as a global sell-off in technology stocks and a stronger-than-expected U.S. jobs report weighed on risk assets. The move came after a sharp drop earlier in the week and left traders watching whether the $75,000 area can hold.
Bitcoin Tests $75,000 Floor
Market data showed bitcoin found support just above $75,000 after a 5% decline about 24 hours earlier. But the price struggled at $76,000. Each attempt to break higher met fresh selling. That happened three times. The first two pullbacks pushed bitcoin closer to its floor. On the third try, shortly after 8:25 a.m. EST, selling pressure increased and sent bitcoin to $74,762, its lowest level since Aug. 21. By 11:48 a.m. EST, it had recovered a little and traded under $75,700, down nearly 1.5% over 24 hours.
Tech Stocks and Jobs Data Add Pressure
The drop followed a broader retreat in equities. Reports that Democratic lawmakers planned to target artificial intelligence companies, especially data center operators, reversed an initial post-election rally. Investors were already uneasy about heavy AI spending, and the news hit technology shares. The sell-off spread to Asian markets by early Friday. South Korea’s KOSPI fell as much as 9% and triggered a temporary trading halt, while major indexes in Japan and Taiwan also posted heavy losses. In the U.S., large technology stocks had already suffered steep losses on Thursday.
Fresh economic data added another layer. The U.S. economy added 165,000 jobs, well above the 64,000 consensus estimate. The payroll surprise may complicate expectations for Federal Reserve rate cuts. It also gave traders another reason to reduce exposure to volatile assets.
Liquidations Ease as Traders Turn Defensive
Despite the price weakness, liquidations were lower than the previous day. Coinglass data showed total bitcoin liquidations at $125 million, with long positions accounting for about $105 million. Across the crypto market, total liquidations fell to $470 million from more than $1 billion a day earlier.
Analysts at Bitunix said U.S. markets face several pressures at once: concerns about returns on AI capital spending, possible data center regulation, and the unwinding of stretched positions. They also noted a move into short-term Treasuries and money market funds, with assets in those funds reaching a record $8.016 trillion. That suggests investors are favoring liquidity, perhaps until the technology sell-off and rate outlook become clearer.
