BTC's failure to break through all-time highs has resulted in a major rejection that has seen the price drop below $69,000 before recovering.
Altcoins are also following the trend, which has affected over-leveraged traders, with more than 90,000 market participants suffering heavy losses in the past day.
The major cryptocurrency performed well this week, likely driven by large net inflows into 11 US-based spot Bitcoin ETFs.
The surge culminated on Tuesday with a jump to $73,600, which means bitcoin needs just another $150 to hit a new all-time high.
While the community expected this to happen at any moment, BTC retreated slightly to the $72,000 level on Wednesday and Thursday before it plummeted a few hours ago.
BTC has dropped from the mentioned level to below $69,000 in a matter of minutes, losing over three thousand dollars in the process. Currently, it has recovered slightly, but is still at the $70,000 level.
Most altcoins have seen bigger losses over the past day, with ETH and SOL each falling 5%.
This frenzy of volatility has resulted in more than 90,000 traders suffering huge losses in the past day. The total value of liquidated positions reached up to $280 million, based on CoinGlass findings.
Meanwhile, the latest jobs data appears to provide some relief to investors, who expect the Fed to stop cutting interest rates this month. Cooler nonfarm payrolls data and rising unemployment rates tend to boost market sentiment. In other words, such a situation usually indicates a hawkish move by the central bank.
As such, the latest employment data points to a potential interest rate cut by the US Federal Reserve in November, followed by further cuts the following month.
