After the PPI release, prices made only a brief jump, with no sustained rebound.
They are still hovering near the lows after giving back their gains, and yesterday’s low has not yet been breached.
The U.S. Bureau of Labor Statistics (BLS) reported that final-demand PPI rose 0.3% month over month in October, below the roughly 0.4% consensus tracked by CME Econoday last night; however, it rose 6.5% year over year, the largest increase since November 2022. Excluding food, energy, and trade services, it was still up 0.5% month over month, while September’s overall monthly increase was revised from 1.3% to 1.4%. On Binance spot, the 21:30 15-minute candle saw $BTC surge from around 69246 to a high of 70214, while $ETH reached a high of 1989.11; both then gave back all their gains. At 07:15 this morning, BTC hit 67865 and is now around 68296, still above yesterday’s low of 67568; ETH is now around 1930, after hitting a low of 1912 last night, also still above yesterday’s low of 1895.95. Farside’s complete data for 11/12 is now available: U.S. spot Bitcoin ETFs saw net outflows of about $284.1 million, including about $203.8 million from IBIT.
If prices fall below this morning’s low of 67865 again, especially if they also break below yesterday’s low of 67568, watch to see whether the pullback deepens. If they can climb back above the pre-PPI level (around the 21:30 open at 69246), watch to see whether the brief surge has simply been absorbed. The structure is invalidated if the overnight spike high of 70214 is reclaimed and held above.
Are you more concerned about seeing 67568 first, or recovering to around 69246 first?
Data sources: Binance spot market data, the U.S. Bureau of Labor Statistics (BLS) October PPI, and Farside Investors. Not investment advice.
#PPI #Macroeconomics
They are still hovering near the lows after giving back their gains, and yesterday’s low has not yet been breached.
The U.S. Bureau of Labor Statistics (BLS) reported that final-demand PPI rose 0.3% month over month in October, below the roughly 0.4% consensus tracked by CME Econoday last night; however, it rose 6.5% year over year, the largest increase since November 2022. Excluding food, energy, and trade services, it was still up 0.5% month over month, while September’s overall monthly increase was revised from 1.3% to 1.4%. On Binance spot, the 21:30 15-minute candle saw $BTC surge from around 69246 to a high of 70214, while $ETH reached a high of 1989.11; both then gave back all their gains. At 07:15 this morning, BTC hit 67865 and is now around 68296, still above yesterday’s low of 67568; ETH is now around 1930, after hitting a low of 1912 last night, also still above yesterday’s low of 1895.95. Farside’s complete data for 11/12 is now available: U.S. spot Bitcoin ETFs saw net outflows of about $284.1 million, including about $203.8 million from IBIT.
If prices fall below this morning’s low of 67865 again, especially if they also break below yesterday’s low of 67568, watch to see whether the pullback deepens. If they can climb back above the pre-PPI level (around the 21:30 open at 69246), watch to see whether the brief surge has simply been absorbed. The structure is invalidated if the overnight spike high of 70214 is reclaimed and held above.
Are you more concerned about seeing 67568 first, or recovering to around 69246 first?
Data sources: Binance spot market data, the U.S. Bureau of Labor Statistics (BLS) October PPI, and Farside Investors. Not investment advice.
#PPI #Macroeconomics