Softer-than-expected U.S. PPI rescued Bitcoin from its intraday low. 🇺🇸📊
October PPI rose just 0.3% month over month, below the market forecast of 0.4%; year over year, it came in at 6.5% versus the expected 6.6%. Core PPI matched forecasts at 0.3%. The news reduced bets on a 50-basis-point Fed rate hike in December — a 25-basis-point hike remains the main scenario.
Bitcoin rebounded, briefly climbing above $70,000. It’s now around $69,100 after hitting a low of $67,568, its lowest level since August. Gold also rose, topping $3,900 an ounce.
The rebound caught short sellers off guard: about $39 million in short positions were liquidated in just one hour. Bitcoin perpetual futures funding rates turned negative for the first time in a month — buyers remain cautious despite the price recovery.
Note: Year-over-year PPI at 6.5% is still near a four-year high. The Fed meets on December 8–9, and the market remains in “Extreme Fear.”
Today’s biggest gainer: $RENDER +5.16% in 24h to ~$1.55, with a market cap of ~$863 million.
Do you think $70,000 will hold through this weekend? 👇
#Bitcoin #CryptoNews #PPI #Fed #RENDER
⚠️ This is market information, not investment advice.
October PPI rose just 0.3% month over month, below the market forecast of 0.4%; year over year, it came in at 6.5% versus the expected 6.6%. Core PPI matched forecasts at 0.3%. The news reduced bets on a 50-basis-point Fed rate hike in December — a 25-basis-point hike remains the main scenario.
Bitcoin rebounded, briefly climbing above $70,000. It’s now around $69,100 after hitting a low of $67,568, its lowest level since August. Gold also rose, topping $3,900 an ounce.
The rebound caught short sellers off guard: about $39 million in short positions were liquidated in just one hour. Bitcoin perpetual futures funding rates turned negative for the first time in a month — buyers remain cautious despite the price recovery.
Note: Year-over-year PPI at 6.5% is still near a four-year high. The Fed meets on December 8–9, and the market remains in “Extreme Fear.”
Today’s biggest gainer: $RENDER +5.16% in 24h to ~$1.55, with a market cap of ~$863 million.
Do you think $70,000 will hold through this weekend? 👇
#Bitcoin #CryptoNews #PPI #Fed #RENDER
⚠️ This is market information, not investment advice.
