The 69,000 level we discussed last night didn’t hold after the PPI came out. The price initially jumped to 70,214 on the data, then gave it all back, and the daily candle has now closed at 68,314.
Bitcoin is now at 68,389, down about 3.9% over 24 hours. Ethereum is at 1,932, down about 4.2%. Yesterday’s low was 67,568; the price didn’t close back above 70,000 or hold 69,000. In early trading, it’s been moving between 68,122 and 68,446 for now, still near yesterday’s close.
October PPI rose 0.3% month over month, below expectations of 0.4%, but was up 6.5% year over year, its highest level since November 2022. On Friday, the Dow closed up about 0.1%, the S&P 500 fell about 0.4%, and the Nasdaq dropped about 0.9%. There’s no new U.S. data over the weekend; the next major release is Japan’s third-quarter GDP on Monday morning.
First, the price needs to reclaim yesterday’s rebound high of 70,214 before we can talk about 70,000. For now, the key level is yesterday’s close at 68,314—will it hold? If not, yesterday’s low of 67,568 could be tested again.
Yesterday’s close was 68,314. Do you think it’ll hold over the weekend?
$BTC $ETH
#BTC #U.S. PPI rises 6.5% year over year, below expectations, potentially easing pressure on BTC #Crypto and U.S. stocks both fall—what will drive the next rebound?
Bitcoin is now at 68,389, down about 3.9% over 24 hours. Ethereum is at 1,932, down about 4.2%. Yesterday’s low was 67,568; the price didn’t close back above 70,000 or hold 69,000. In early trading, it’s been moving between 68,122 and 68,446 for now, still near yesterday’s close.
October PPI rose 0.3% month over month, below expectations of 0.4%, but was up 6.5% year over year, its highest level since November 2022. On Friday, the Dow closed up about 0.1%, the S&P 500 fell about 0.4%, and the Nasdaq dropped about 0.9%. There’s no new U.S. data over the weekend; the next major release is Japan’s third-quarter GDP on Monday morning.
First, the price needs to reclaim yesterday’s rebound high of 70,214 before we can talk about 70,000. For now, the key level is yesterday’s close at 68,314—will it hold? If not, yesterday’s low of 67,568 could be tested again.
Yesterday’s close was 68,314. Do you think it’ll hold over the weekend?
$BTC $ETH
#BTC #U.S. PPI rises 6.5% year over year, below expectations, potentially easing pressure on BTC #Crypto and U.S. stocks both fall—what will drive the next rebound?