$BTC PPI came in cooler than expected — and Bitcoin still can't reclaim $70,000
Source: BLS, 13:30 UTC — PPI +0.3% vs +0.4% expected, +6.5% YoY, the highest since Nov 2022
I waited all morning for this print — the relief lasted about five minutes. $BTC ticked up to around $69,500 on the number, then faded straight back to $69,557, because the yearly rate is still the worst in four years and the Fed stays hawkish into December.
The tell underneath: perps funding just flipped negative for the first time in a month (Glassnode) — traders are now paying to stay short, while spot ETFs bled $2.5B between 30 Oct and 11 Nov. $ETH $1,968 is no help either, still stuck under $2,000.
I'm leaning bearish while $70,000 holds as the wall. If $67,568 breaks, $65,000–$67,500 opens up. A daily close above $70,000 proves me wrong and puts the Nov 12 close $71,460 back in play.
Does $BTC close above $70,000 today, or does $67,568 break first?
Not financial advice. DYOR.
#BTC #PPI #FedWatch
Source: BLS, 13:30 UTC — PPI +0.3% vs +0.4% expected, +6.5% YoY, the highest since Nov 2022
I waited all morning for this print — the relief lasted about five minutes. $BTC ticked up to around $69,500 on the number, then faded straight back to $69,557, because the yearly rate is still the worst in four years and the Fed stays hawkish into December.
The tell underneath: perps funding just flipped negative for the first time in a month (Glassnode) — traders are now paying to stay short, while spot ETFs bled $2.5B between 30 Oct and 11 Nov. $ETH $1,968 is no help either, still stuck under $2,000.
I'm leaning bearish while $70,000 holds as the wall. If $67,568 breaks, $65,000–$67,500 opens up. A daily close above $70,000 proves me wrong and puts the Nov 12 close $71,460 back in play.
Does $BTC close above $70,000 today, or does $67,568 break first?
Not financial advice. DYOR.
#BTC #PPI #FedWatch
