Bitcoin’s price demonstrated resilience on November 6, 2026, holding steady near $75,500 despite the release of a surprisingly strong October U.S. jobs report and the lingering effects of a significant sell-off in technology stocks. The U.S.
Bureau of Labor Statistics (BLS) announced that American employers added 165,000 jobs last month, a figure nearly triple the 59,000 economists had anticipated. This robust employment data has intensified expectations for a Federal Reserve interest rate hike in December, typically a bearish signal for speculative assets like cryptocurrencies.
US economy adds 165,000 jobs in October
The cryptocurrency market’s muted reaction to the jobs report highlights a complex interplay of macroeconomic factors and recent market shocks. While Bitcoin briefly pushed above $76,100 immediately after the 8:30 a.m. ET BLS release, it quickly settled back, trading around $75,800.
Its market capitalization stood at approximately $1.52 trillion, with about $48 billion in trading volume over the past 24 hours, according to Yahoo Finance data.
The October jobs report delivered a strong message about the health of the U.S. labor market, significantly outperforming expert forecasts. Beyond the headline number of 165,000 new nonfarm payrolls, the unemployment rate also edged down to 4.1% from 4.2%. This defied Dow Jones predictions that it would remain unchanged.
Average hourly earnings also showed upward pressure, rising 0.4% month-over-month and 3.1% over the past year. Both figures surpassed economists’ estimates, signaling persistent wage growth. Furthermore, the BLS made substantial upward revisions to previous months’ payroll data, indicating a stronger underlying trend.
August payrolls were revised up by 53,000 to 186,000, and September’s figures climbed by 31,000 to 60,000. These adjustments mean that employment for August and September combined was 84,000 jobs higher than initially reported.
Job gains were broad-based across several key sectors, a sign of underlying economic strength. Professional and business services led the way, adding 70,000 positions. Health care employment also saw a notable increase of 42,000 jobs, with significant growth in hospitals, home health care services, and outpatient care centers.
Transportation and warehousing contributed 25,000 jobs, driven by couriers and messengers as well as air transportation, while the manufacturing sector added 19,000 new positions.
Bitcoin’s muted price response to strong data
Despite the “hot” jobs report, Bitcoin’s immediate price action on November 6 was relatively subdued. The cryptocurrency saw a quick spike above $76,100 before pulling back to $75,600 and eventually settling near $75,800. This limited movement meant Bitcoin remained largely unchanged from its pre-report levels, even as interest rate futures adjusted to the new data.
This restrained reaction follows a pattern observed after other major macroeconomic data releases. Analysts suggest that much of Bitcoin’s recent price pressure stemmed from a broader “risk-off” sentiment in equity markets earlier in the week, rather than solely from labor market dynamics. A robust payroll number mainly served to reinforce the Federal Reserve’s existing hawkish stance, which the market had already begun to price in.
The CME FedWatch Tool now indicates roughly a 79% probability of a 25-basis-point interest rate hike at the Federal Open Market Committee (FOMC) meeting on December 9. This is an increase from approximately 70% before the jobs report’s release.
Stronger hiring and firming wages reduce the likelihood of the Fed pausing its rate-hiking cycle, a factor that could influence institutional bitcoin adoption and broader market sentiment in the coming weeks.
Aftermath of the tech stock rout
The backdrop to Bitcoin’s current stability is the significant downturn experienced by U.S. technology stocks on November 5. That session saw the Nasdaq Composite fall by approximately 5.5%, pushing it into correction territory, more than 10% below its recent peak. The S&P 500 also declined by about 4.4%, and the Dow Jones Industrial Average shed roughly 1,800 points, or 3.4%.
This broad market sell-off was particularly severe for the “Magnificent Seven” tech giants, which collectively erased over $1 trillion in market value. Nvidia alone experienced a more than 9% drop, wiping out an estimated $440 billion in capitalization.
Investors reacted to concerns over a potentially slower buildout of AI data centers following the Democratic Party’s performance in the recent midterm elections, which suggested shifts in policy direction.
Bitcoin has frequently mirrored the performance of the AI-heavy technology sector throughout the year. As such, a correction in the Nasdaq tends to pull Bitcoin’s price lower, even when its underlying on-chain metrics appear stable. Miners that leased power and floor space to AI tenants are caught in both trades.
Spot Bitcoin ETF outflows and significant liquidations
The “risk-off” mood in traditional markets quickly spilled over into cryptocurrency investment vehicles. U.S. spot Bitcoin exchange-traded funds (ETFs) recorded substantial net outflows on November 5, totaling $430.2 million. Fidelity’s FBTC led these redemptions with approximately $200 million, followed by BlackRock’s IBIT, which saw outflows of about $105 million.
These figures contributed to a week-to-date total of around $870 million in net outflows through Thursday, signaling a clear shift in investor sentiment away from digital assets. Such significant outflows from U.S. spot Bitcoin ETFs underscore the prevailing risk-off sentiment impacting the broader cryptocurrency market.
Leverage in the crypto market exacerbated the price weakness overnight. More than $1 billion in bullish cryptocurrency positions were liquidated across exchanges over a 24-hour period, contributing to broader Bitcoin market pressure. Many of these liquidations involved long bets that had been accumulated during a short-squeeze rally just days prior, which had briefly pushed Bitcoin’s price near $80,000.
Outlook for Bitcoin’s price amidst macro crosscurrents
Looking ahead, the path for Bitcoin’s price remains influenced by a mix of economic data, policy developments, and market sentiment. The continued strength of the U.S. labor market, as evidenced by the October jobs report, suggests that the Federal Reserve will likely maintain a hawkish stance, potentially leading to higher interest rates for longer.
This environment typically reduces investor appetite for risk assets such as Bitcoin.
Political developments are also creating new uncertainties. House Democrats are reportedly drafting their own comprehensive market structure bill for cryptocurrencies, ahead of taking control of key committees in January. This legislative backdrop has cast a shadow over crypto equities since the midterm election results first began impacting the market.
Traders are now closely monitoring whether the Bitcoin price can effectively defend the mid-$75,000 price zone. This level has proven to be a critical support since August and held firm during election night volatility. A decisive breach below this point could bring September’s lows back into focus.
After a week that erased much of the post-election price rally, Bitcoin faces renewed headwinds from a hotter labor market and increased odds of further interest rate hikes, making this a pivotal period for the digital asset. Despite significant selling pressure, Bitcoin has shown resilience in similar situations, often defying initial downturns.