🚨 $BTC BETRAYAL AT $70,000!
October’s PPI came in cooler than expected, and Bitcoin jumped above $70,000 in a matter of minutes. To me, that bounce was an illusion: it lasted 15 minutes, and the price had already given back almost all of its gains because underlying inflation is still at its highest level in nearly 4 years.
Take a look at what nobody is noticing:
→ The PPI rose 0.3% for the month versus 0.4% expected, and 6.5% year over year versus 6.6% expected; core came in at 0.3% monthly and 5.0% annually, exactly as forecast.
→ Bitcoin touched ~$70,200 on the session’s highest-volume candle and gained ~1.35%, but within 15 minutes it was back near $69,800; it’s now hovering around $68,800, after hitting a daily low of $67,568.
→ The rebound liquidated $39 million in short positions over the following hour, but gold also climbed above $3,900, and BofA now expects Fed rate hikes in December, January, and March.
Do you think Bitcoin will reclaim $70,000 before the day closes, or will it stay below? 👇
$BTC $ETH
#PPI #Bitcoin #FederalReserve
October’s PPI came in cooler than expected, and Bitcoin jumped above $70,000 in a matter of minutes. To me, that bounce was an illusion: it lasted 15 minutes, and the price had already given back almost all of its gains because underlying inflation is still at its highest level in nearly 4 years.
Take a look at what nobody is noticing:
→ The PPI rose 0.3% for the month versus 0.4% expected, and 6.5% year over year versus 6.6% expected; core came in at 0.3% monthly and 5.0% annually, exactly as forecast.
→ Bitcoin touched ~$70,200 on the session’s highest-volume candle and gained ~1.35%, but within 15 minutes it was back near $69,800; it’s now hovering around $68,800, after hitting a daily low of $67,568.
→ The rebound liquidated $39 million in short positions over the following hour, but gold also climbed above $3,900, and BofA now expects Fed rate hikes in December, January, and March.
Do you think Bitcoin will reclaim $70,000 before the day closes, or will it stay below? 👇
$BTC $ETH
#PPI #Bitcoin #FederalReserve
