Bitcoin Tests $100K After Weak US Jobs Data
Bitcoin briefly dropped to $100,300 on November 6, losing 2.5% in a day amid a broad sell-off in US stocks following disappointing employment figures. The leading cryptocurrency now trades around $101,924, mirroring the declines in the S&P 500 and Nasdaq 100 indexes.
Macroeconomic pressure hits risk assets
The downturn was triggered by new US labor-market data showing a surge in layoffs and rising household debt. According to recruitment agency Challenger, Gray & Christmas, employers announced over 153,000 job cuts in October — the highest since 2003. The report added to fears that the labor market’s slowdown could weigh on consumer spending and corporate earnings, both key drivers of risk appetite in financial markets.
Crypto reacts to Fed uncertainty
The latest correction came as traders reevaluated expectations for the Federal Reserve’s next policy move. Analysts from trading firm QCP Capital warned that a rate cut at the December meeting — a major bullish catalyst for digital assets — is not yet guaranteed. Data from the CME FedWatch tool currently show a 69% probability of a 25-basis-point cut in December.
Market outlook
Despite the pullback, Bitcoin remains above the psychological $100,000 threshold, supported by ongoing institutional flows and growing interest in crypto ETFs. However, traders note that further volatility is likely as macroeconomic uncertainty persists and the Fed’s communication shifts toward a more data-dependent stance.
Editorial Team — CoinBotLab