📡 BTC Loses 70K As PPI Keeps December Hike Fully Priced
Bitcoin trades near 68,300, down about 3.6% in 24 hours after losing the 70,000 level for the first time since August. The slide took price to a low near 67,568, the weakest since August 19. Ethereum sits near 1,930, down about 4%, while Solana trades near 77, down about 5%.
October PPI rose 0.3% month on month, slightly below the 0.4% expected, but the year on year rate hit 6.5%, the highest since November 2022. Core PPI held at 5.0% year on year. The print did nothing to cool hike bets, and CME FedWatch now puts the chance of a December hike at 100%.
The break below 70,000 forced about 1.6 billion dollars in leveraged liquidations in 24 hours, according to CoinDesk, with longs taking most of the hit. Fear and Greed sits at 20, deep in extreme fear, while the dollar trades near a 19 month high.
👀 Support near 67,500, the overnight low. Resistance 70,000 and 71,000.
With the 70,000 level now behind it, whether buyers step in near the overnight low may set the tone into the weekend, so the next sessions are worth watching closely.
📌 Personal opinion, not financial advice. DYOR.
#BTC #Crypto #CryptoMarket #Fed
$BTCUSDT $ETHUSDT $SOLUSDT
Bitcoin trades near 68,300, down about 3.6% in 24 hours after losing the 70,000 level for the first time since August. The slide took price to a low near 67,568, the weakest since August 19. Ethereum sits near 1,930, down about 4%, while Solana trades near 77, down about 5%.
October PPI rose 0.3% month on month, slightly below the 0.4% expected, but the year on year rate hit 6.5%, the highest since November 2022. Core PPI held at 5.0% year on year. The print did nothing to cool hike bets, and CME FedWatch now puts the chance of a December hike at 100%.
The break below 70,000 forced about 1.6 billion dollars in leveraged liquidations in 24 hours, according to CoinDesk, with longs taking most of the hit. Fear and Greed sits at 20, deep in extreme fear, while the dollar trades near a 19 month high.
👀 Support near 67,500, the overnight low. Resistance 70,000 and 71,000.
With the 70,000 level now behind it, whether buyers step in near the overnight low may set the tone into the weekend, so the next sessions are worth watching closely.
📌 Personal opinion, not financial advice. DYOR.
#BTC #Crypto #CryptoMarket #Fed
$BTCUSDT $ETHUSDT $SOLUSDT
