The crypto market has turned extremely bearish in the lack of October’s unemployment data in the U.S. among other macro-economic factors. Bitcoin on Friday, November 21 reflected a price dip of 7.15 percent to trade at its new seven-month low price point of $85,900. Its seven-day loss margin has widened to 11.7 percent as of Friday, indicating a sharp and consistent decline.
Market analysts say that buyers now need to defend the $84,500 support to prevent a deeper move toward $80,000, while $91,000 remains the key resistance for BTC.
“The crypto market is consolidating as macroeconomic uncertainty increases in the U.S. The September jobs data showed a higher-than-expected unemployment rate at 4.4 percent, influencing the rate cut decision. At the same time, the absence of October data has created an information gap, prompting traders to turn cautious,” said Edul Patel, CEO of Mudrex, in conversation with CoinHeadlines. “Additionally, a Bitcoin whale selling 11,000 Bitcoins has also impacted the sentiment, further contributing to the downward momentum.”
Ether also fell under the $3,000 mark for the first time in four months. The asset lost nearly eight percent from its price in the last 24 hours to trade at $2.800. Like Bitcoin, Ether price has also reduced by over 11 percent in the last seven days, data by CoinMarketCap showed at the time of writing.
“Ethereum is equally fragile, holding near $2,800, with support at $2,750 and resistance around $2,920. Still, many investors are waiting for clearer macro signals, suggesting this pullback may be a reset rather than a structural breakdown. The sharp pullback in major tech stocks has spilled directly into crypto, pushing Bitcoin’s correlation with the Nasdaq sharply higher,” Riya Sehgal, Research Analyst, Delta Exchange told CoinHeadlines.
XRP, BNB, Solana, Dogecoin, Cardano, Chainlink, Litecoin, Monero, and Hedera are among tokens that have dipped within the range of two percent to eight percent. Shiba Inu, Uniswap, Polkadot, Toncoin, Cronis, and Mantle also met with a similar fate and registered notable losses on Friday.
The overall crypto market cap fell by 6.55 percent in the last 24 hours. At present, the sector’s valuation stands at $2.95 trillion.
The investor sentiment reflects extreme fear on Friday as the Fear and Greed Index showed a score of 11. Hardly any of the established tokens managed to rope-in gains over the last day.
Analysts have pointed out that the rising corporate debt tied to data-center growth and a stronger U.S. labor report have reduced expectations for near-term Federal Reserve easing, prompting traders to reassess exposure across equities and digital assets.