Traders now give the Fed an 89% chance of hiking in December — and that single number is why $BTC can't hold $70,000.
$BTC is trading near $67,100, down about 2.5% on the day and 11.7% on the week. It printed $66,456 overnight, the lowest since August and below the 200-week average of $67,893. $ETH is under $2,000 at about $1,899, down almost 16% in a week. The daily RSI sits near 23 — deeply oversold — and the Fear & Greed Index is at 13, extreme fear.
Here's the twist: October PPI actually came in cooler than expected, up 0.3% versus 0.4% forecast. But year-on-year PPI is 6.5%, the hottest since November 2022, and the market has flipped from pricing cuts to pricing a hike. When the rate story turns, even oversold bounces die fast — that's exactly what happened to the $70,000 reclaim.
My take: this is a macro sell-off, not a crypto-only one. And while retail panics, big money is quietly building: Goldman Sachs and Citi just committed $270 million to a new stablecoin project, and JPMorgan raised its Strategy stake by 36% while holding $540 million in BlackRock's spot bitcoin ETF. Institutions buy fear; they don't tweet about it.
Meanwhile the day's wildest outlier is Akedo — $AKE up 382% in 24 hours on $554 million of volume while the whole market bled red.
Levels to watch: support at $65,800, then $64,250. Resistance at $68,500, then $70,000. Expect a choppy $66,000–$68,500 weekend range in thin liquidity.
Are you buying this fear, or waiting for the Fed to blink first?
Source: CoinGecko, CryptoCompass, The Block
Follow for daily crypto updates.
#Bitcoin #Crypto #Fed
Not financial advice.
$BTC is trading near $67,100, down about 2.5% on the day and 11.7% on the week. It printed $66,456 overnight, the lowest since August and below the 200-week average of $67,893. $ETH is under $2,000 at about $1,899, down almost 16% in a week. The daily RSI sits near 23 — deeply oversold — and the Fear & Greed Index is at 13, extreme fear.
Here's the twist: October PPI actually came in cooler than expected, up 0.3% versus 0.4% forecast. But year-on-year PPI is 6.5%, the hottest since November 2022, and the market has flipped from pricing cuts to pricing a hike. When the rate story turns, even oversold bounces die fast — that's exactly what happened to the $70,000 reclaim.
My take: this is a macro sell-off, not a crypto-only one. And while retail panics, big money is quietly building: Goldman Sachs and Citi just committed $270 million to a new stablecoin project, and JPMorgan raised its Strategy stake by 36% while holding $540 million in BlackRock's spot bitcoin ETF. Institutions buy fear; they don't tweet about it.
Meanwhile the day's wildest outlier is Akedo — $AKE up 382% in 24 hours on $554 million of volume while the whole market bled red.
Levels to watch: support at $65,800, then $64,250. Resistance at $68,500, then $70,000. Expect a choppy $66,000–$68,500 weekend range in thin liquidity.
Are you buying this fear, or waiting for the Fed to blink first?
Source: CoinGecko, CryptoCompass, The Block
Follow for daily crypto updates.
#Bitcoin #Crypto #Fed
Not financial advice.
