Bitcoin slipped under $75,000 on Friday, a brief move that put the coin at its lowest level since August. The drop came as a global sell-off in technology shares hit major equity markets. Fresh U.S. jobs data added to the tension: the economy added 165,000 jobs, well above the 64,000 consensus estimate. That surprise likely complicates the case for near-term Federal Reserve rate cuts.
Support Holds, but $76,000 Caps Gains
Market data showed bitcoin finding support just above $75,000 after a 5% fall in the prior 24 hours. Still, $76,000 acted as a ceiling. Each attempt to break through met selling pressure. The pattern played out three times, and the first two pullbacks pushed the price closer to the $75,000 floor.
The third push above $76,000 came around 8:25 a.m. EST. Selling intensified soon after. Bitcoin fell to $74,762, its lowest mark 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.
Liquidations Ease as Broader Crypto Market Slips
The price weakness did not bring the same liquidation pressure seen earlier. Coinglass data put bitcoin liquidations at $125 million, with long positions accounting for about $105 million. Across the wider crypto market, total liquidations fell to $470 million. That was down from more than $1 billion the day before.
The sell-off began after reports that Democratic lawmakers planned to target artificial intelligence companies, especially data center operators, over voter concerns. The news hit investors already worried about heavy AI spending. The retreat spread to Asian markets by early Friday. South Korea’s KOSPI fell as much as 9% and triggered a temporary circuit breaker. Japan and Taiwan also posted sharp losses. Thursday brought a steep U.S. tech decline, with the Magnificent 7 reportedly losing $1 billion in market value.
Analysts Point to AI Spending and Tighter Conditions
Bitunix analysts said U.S. markets face several pressures at once. They cited questions about returns on AI capital spending, possible regulation of data centers, and the unwinding of crowded borrowed trades. The firm also noted a move into short-term Treasuries and money market funds, where assets reached a record $8.016 trillion.
The analysts said the key issue is whether higher energy costs feed into broader inflation and whether slower AI investment hurts corporate financing and jobs. For central banks, the challenge is not only inflation. It is also preventing tighter financial conditions and slower growth from feeding each other.
