Hot CPI, and crypto took the hit first.
US CPI rose 0.4% in October vs 0.3% expected, and core came in at 0.3% vs 0.2%. Bitcoin dropped about 1.2% within minutes of the print and alts fell harder. The 10-year yield pushed close to 5%, and a Fed hike at the December 8-9 meeting is now close to fully priced.
My read for this week: the 25 bps hike is mostly in the price already. What would hurt more is real talk of 50 bps, which Fed Governor Waller has floated. $BTC sits near 74.1K with a 24h low around 72.7K on Binance. If that low holds and yields cool off, a slow grind back toward 76K is possible. Lose 72.7K on a daily close and I'd expect the 70K area to get tested.
Fear & Greed is at 29, so nobody is surprised by bad news anymore. That is not a bottom signal on its own, just less fuel for panic.
#HotCPIDecemberHikePriced #Fed #Bitcoin #MacroCrypto
Not financial advice.
US CPI rose 0.4% in October vs 0.3% expected, and core came in at 0.3% vs 0.2%. Bitcoin dropped about 1.2% within minutes of the print and alts fell harder. The 10-year yield pushed close to 5%, and a Fed hike at the December 8-9 meeting is now close to fully priced.
My read for this week: the 25 bps hike is mostly in the price already. What would hurt more is real talk of 50 bps, which Fed Governor Waller has floated. $BTC sits near 74.1K with a 24h low around 72.7K on Binance. If that low holds and yields cool off, a slow grind back toward 76K is possible. Lose 72.7K on a daily close and I'd expect the 70K area to get tested.
Fear & Greed is at 29, so nobody is surprised by bad news anymore. That is not a bottom signal on its own, just less fuel for panic.
#HotCPIDecemberHikePriced #Fed #Bitcoin #MacroCrypto
Not financial advice.
