Investing.com-- Bitcoin price fell on Friday, dropping below the $70,000 mark as the dollar strengthened following key nonfarm payrolls data.declined 1.32% in the past 24 hours to $69,505.5 as of 14:02 ET . The token was set to add over 4% this week after it broke out of a $60,000 to $70,000 trading range established since mid-March.A slew of weak U.S. economic readings supported this notion, as traders bet that a cooling U.S. economy will give the Fed more confidence to loosen monetary policy.
Hype over the approval of spot Bitcoin ETFs for U.S. markets was a key factor behind the cryptocurrency’s run to record highs earlier this year. "It is only a matter of time until bitcoin makes a new all-time high,” said 10x Research analysts in a note seen by Coindesk. Among broader crypto markets, major altcoins also edged lower on Friday, in reaction to the latest employment data.
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