Bitcoin slides below $74,000 after October CPI shows 0.4% rise
The U.S. Bureau of Labor Statistics reported that October consumer price index increased 0.4% month‑over‑month, with core CPI up 0.3%, both above forecasts. Bitcoin fell to about $73,784, breaking the $74,000 barrier, as the hotter inflation data revived expectations of a 25‑basis‑point Fed rate hike in December. Spot Bitcoin ETFs recorded roughly $201 million of outflows on the day, adding further pressure on the cryptocurrency.
Why it matters
Analysts note that the higher inflation reading raises the likelihood of a Fed rate increase, which typically depresses risk assets like Bitcoin (the report says analysts at BRN warned a break below $73,000 could trigger further selling). The outflows from spot Bitcoin ETFs indicate weakening institutional demand, which may limit upside potential.
Key facts
- 1October CPI rose 0.4% month‑over‑month, above the 0.3% forecast. crypto.news
- 2Core CPI increased 0.3% month‑over‑month, exceeding the 0.2% forecast. crypto.news
- 3Bitcoin traded around $73,784 on November 10, down about 1% in 24 hours. crypto.news
- 4Spot Bitcoin ETFs saw net withdrawals of roughly $201 million on the day, including $213.2 million from BlackRock’s IBIT. crypto.news
- 5Analysts at BRN identified $73,000 as a critical support level; a close below could trigger further selling toward $70,000. crypto.news
Summary written by AlphAI AI Desk from 12 of 12 sources. Not investment advice. Figures are as stated by the linked sources.