Crypto prices have declined significantly as the market anticipates the release of US Non-Farm Payrolls data on November 7, 2025. Traders are bracing for increased volatility and potential shifts in interest rate policies, which are influencing market sentiment.
Bitcoin has slipped to around $108,000, down approximately 1.7% in the past 24 hours, and Ethereum has fallen about 3.5% to trade near $3,750. This follows a 3.6% drop in Bitcoin's price during October, highlighting ongoing market turbulence.
Comments from Treasury Secretary Scott Bessent have added to the uncertainty, suggesting that high interest rates may have driven parts of the economy, particularly housing, into recession. He argued that the Federal Reserve now has room to cut rates, but warned that elevated borrowing costs could lead to deeper economic pressure.
Binance issued a cautionary statement, noting that good job numbers could strengthen the USD and push crypto prices down, while bad numbers might increase the chance of rate cuts and boost crypto. They emphasized that volatility around NFP and CPI days often results in fast price swings, advising traders to be careful.
On-chain data from Glassnode indicates that Bitcoin is stuck below a key cost-basis level of $113,000, which has capped prices for three weeks after six months of trading above it. A sustained break below this level could lead to a deeper pullback, with support near $88,000 based on historical cycles.
Historically, October is a strong month for Bitcoin, but 2025 has deviated, drawing comparisons to the 2018 market dynamics. The current scenario suggests that future price movements will heavily depend on the employment data and subsequent Federal Reserve actions.
SOL
LINK
XRP