$BTC Market Analysis:
CPI came in higher than expected last night, and prices continued to fall. A sharp wick took the price from around 74,800 down to 72,691, setting a new low—below the previous low of 73,333.
October CPI figures were all higher than expected, pushing Treasury yields and the U.S. dollar higher and further fueling expectations of a December rate hike. Risk assets were hit across the board. In the few minutes after the data was released, leveraged longs were liquidated, amplifying the decline. Lows kept moving lower, while rebound highs remained capped. The market is currently consolidating at low levels after breaking down, and has yet to reclaim 74K.
To reverse the trend, the price needs to at least reclaim 74K and break above 75K. If it falls below the previous low again, the bottom of the range could give way further. Keep an eye on 72K below!
CPI came in higher than expected last night, and prices continued to fall. A sharp wick took the price from around 74,800 down to 72,691, setting a new low—below the previous low of 73,333.
October CPI figures were all higher than expected, pushing Treasury yields and the U.S. dollar higher and further fueling expectations of a December rate hike. Risk assets were hit across the board. In the few minutes after the data was released, leveraged longs were liquidated, amplifying the decline. Lows kept moving lower, while rebound highs remained capped. The market is currently consolidating at low levels after breaking down, and has yet to reclaim 74K.
To reverse the trend, the price needs to at least reclaim 74K and break above 75K. If it falls below the previous low again, the bottom of the range could give way further. Keep an eye on 72K below!
