š CPI comes in hotter than expected, Bitcoin loses $74,000: technicals reach a critical moment
U.S. CPI rose 0.4% month over month in October, above the expected 0.3%, and the odds of a Fed rate hike in December briefly climbed to 89%. The news sent the entire crypto market tumblingā
$BTC is now trading at around $73,197, down 2.85% over 24 hours, and struggling right around the 200-day moving average (about $73,200). If it fails to hold, the next area to watch is $71,500ā$72,000. The 50-day moving average is around $81,000; any short-term rebound would need to reclaim it before a trend reversal could be confirmed.
$ETH is weaker: itās now trading at around $2,027, down 5.45% over 24 hours, and has fallen below trendline support at $2,229. The 200-day moving average, at $2,301, is well above. The $2,000 psychological level is the last line of defenseāif it breaks, sentiment will worsen.
Flows are also weighing on the market: on Monday, U.S. spot Bitcoin ETFs saw $201 million in net outflows, with BlackRockās IBIT seeing redemptions for seven consecutive trading days. Ethereum ETFs saw $185 million in outflows in a single day. Over 24 hours, $356 million in positions were liquidated across the crypto market, affecting more than 80,000 traders. The Fear & Greed Index is at 32, still in āFearā territory.
What to do: Donāt rush to buy the dip in the short term; wait for Bitcoin to show signs of stabilization near the 200-day moving average. For the long term, keep an eye on the Fedās December 9 policy meetingāthe CPI report is just the first shot.
Do you think Bitcoin can hold the $73,200 200-day moving average? Letās talk in the comments š
#ęÆē¹åø #仄å¤Ŗå #TechnicalAnalysis
ā ļø These are my personal views. DYOR and be aware of the risks.
U.S. CPI rose 0.4% month over month in October, above the expected 0.3%, and the odds of a Fed rate hike in December briefly climbed to 89%. The news sent the entire crypto market tumblingā
$BTC is now trading at around $73,197, down 2.85% over 24 hours, and struggling right around the 200-day moving average (about $73,200). If it fails to hold, the next area to watch is $71,500ā$72,000. The 50-day moving average is around $81,000; any short-term rebound would need to reclaim it before a trend reversal could be confirmed.
$ETH is weaker: itās now trading at around $2,027, down 5.45% over 24 hours, and has fallen below trendline support at $2,229. The 200-day moving average, at $2,301, is well above. The $2,000 psychological level is the last line of defenseāif it breaks, sentiment will worsen.
Flows are also weighing on the market: on Monday, U.S. spot Bitcoin ETFs saw $201 million in net outflows, with BlackRockās IBIT seeing redemptions for seven consecutive trading days. Ethereum ETFs saw $185 million in outflows in a single day. Over 24 hours, $356 million in positions were liquidated across the crypto market, affecting more than 80,000 traders. The Fear & Greed Index is at 32, still in āFearā territory.
What to do: Donāt rush to buy the dip in the short term; wait for Bitcoin to show signs of stabilization near the 200-day moving average. For the long term, keep an eye on the Fedās December 9 policy meetingāthe CPI report is just the first shot.
Do you think Bitcoin can hold the $73,200 200-day moving average? Letās talk in the comments š
#ęÆē¹åø #仄å¤Ŗå #TechnicalAnalysis
ā ļø These are my personal views. DYOR and be aware of the risks.