Today's Crypto Reading | Today's hexagram: Fire over Water, Before Completion — when things are unfinished, wait. What you’re waiting for isn’t the end of the world, but a turning point.
PPI is out, and BTC still broke below $68,000: month over month, better than feared; year over year, still a four-year high
Data sources: BLS, Finnhub (Binance spot); snapshot from the morning of 11-14, figures shown as ranges.
Last night at 21:30, the U.S. October PPI numbers came in. Month over month, it was +0.3%, a notch below the expected +0.4%; September’s +1.4% jump has been brought to a halt. Year over year, it was +6.5%, also a notch below the expected +6.6%, but up from September’s +6.3% and the highest since November 2022. Core PPI was +0.3% month over month, in line with expectations, and +5.0% year over year. The measure excluding food, energy, and trade services was +0.5% month over month for the second month in a row. Both sides of the numbers need to be laid out: month over month, “better than feared”; year over year, “not over yet.” Focusing on just one side would be fooling yourself.
This morning, Finnhub showed Binance spot at around $68,300, down about 4% over 24 hours. The intraday low was $67,568, and BTC closed at $69,283 on November 13. ETH also fell below $2,000. Liquidations across the market over the past 24 hours came to around $1.5 billion, roughly 90% of them longs. BTC broke below its 200-week moving average, around $68,000.
The last time year-over-year PPI was this high was November 2022. At the end of that year, BTC was languishing around $16,000.
Honestly, PPI was “half good, half bad,” but the market only acknowledged the bad half. The month-over-month slowdown is real: from +1.4% in September to +0.3% in October—that’s a steep drop. The year-over-year high is real too; it reflects old pressures from September that haven’t been fully absorbed. I don’t think bulls need to fight the year-over-year number; the real focus is month over month. Turning points always show up in month-over-month figures first, while year-over-year figures catch up later. The December 8–9 rate-setting meeting is approaching, but there’s no consensus on whether rates will be raised. No one should speak in absolutes.
I’ve wrapped up the PPI question for you. Next up is Nvidia’s earnings report on November 17. Follow me—I’ll keep an eye on inflation for you in three updates a day. I’ll watch to see whether $68,000 can hold.
The reading is cast; set your own position. — Shengshou
For entertainment and metaphysical purposes only; not investment advice.
#玄学炒币 #BTC #PPI #ETH
PPI is out, and BTC still broke below $68,000: month over month, better than feared; year over year, still a four-year high
Data sources: BLS, Finnhub (Binance spot); snapshot from the morning of 11-14, figures shown as ranges.
Last night at 21:30, the U.S. October PPI numbers came in. Month over month, it was +0.3%, a notch below the expected +0.4%; September’s +1.4% jump has been brought to a halt. Year over year, it was +6.5%, also a notch below the expected +6.6%, but up from September’s +6.3% and the highest since November 2022. Core PPI was +0.3% month over month, in line with expectations, and +5.0% year over year. The measure excluding food, energy, and trade services was +0.5% month over month for the second month in a row. Both sides of the numbers need to be laid out: month over month, “better than feared”; year over year, “not over yet.” Focusing on just one side would be fooling yourself.
This morning, Finnhub showed Binance spot at around $68,300, down about 4% over 24 hours. The intraday low was $67,568, and BTC closed at $69,283 on November 13. ETH also fell below $2,000. Liquidations across the market over the past 24 hours came to around $1.5 billion, roughly 90% of them longs. BTC broke below its 200-week moving average, around $68,000.
The last time year-over-year PPI was this high was November 2022. At the end of that year, BTC was languishing around $16,000.
Honestly, PPI was “half good, half bad,” but the market only acknowledged the bad half. The month-over-month slowdown is real: from +1.4% in September to +0.3% in October—that’s a steep drop. The year-over-year high is real too; it reflects old pressures from September that haven’t been fully absorbed. I don’t think bulls need to fight the year-over-year number; the real focus is month over month. Turning points always show up in month-over-month figures first, while year-over-year figures catch up later. The December 8–9 rate-setting meeting is approaching, but there’s no consensus on whether rates will be raised. No one should speak in absolutes.
I’ve wrapped up the PPI question for you. Next up is Nvidia’s earnings report on November 17. Follow me—I’ll keep an eye on inflation for you in three updates a day. I’ll watch to see whether $68,000 can hold.
The reading is cast; set your own position. — Shengshou
For entertainment and metaphysical purposes only; not investment advice.
#玄学炒币 #BTC #PPI #ETH