Yesterday morning, Bitcoin just broke below $70,000. It also failed to hold around $68,900, the level from August, and Binance briefly dipped to around $68,600. Some people were still waiting for last night’s PPI to spark a rebound.
The data is out. October PPI rose 0.3% month over month, softer than the expected 0.4%, and prices did bounce briefly. But year over year, it came in at 6.5%, the highest since November 2022. Core PPI was up 5.0% year over year, in line with expectations. The data wasn’t enough to support prices.
Bitcoin spot on Binance is now around $66,800. The 24-hour low has already touched around $66,600, nearly $2,000 below yesterday morning’s low. Ethereum is around $1,884, with a low of $1,878.
This weekly candle looks even worse. The week opened around $74,900, and if it closes at the current level, that will make six consecutive down weeks. From around $86,500 during the week in October to here, it has lost roughly 22% in just over six weeks.
Another set of numbers stings even more. Exactly five years ago today, on November 14, 2021, Bitcoin’s daily candle on Binance closed at $65,519. Put $10,000 in then, and today it would be worth around $10,200—almost no gain in five years. And if you go by the peak of $69,000 touched on November 10, 2021, Bitcoin is now below that high.
On that same day, gold closed at around $1,866 an ounce. Spot gold is now around $3,880, roughly double. Put $10,000 into gold and it would be worth a little over $20,000 today. Ethereum closed at $4,626 five years ago and is now at $1,884, down by more than half. Cardano has fallen from around $2.04 to $0.16, leaving just over $800 of a $10,000 investment.
They’ve been calling it digital gold for five years. Lay out the numbers and this is what you get. Weekend order books are thin. If $66,600 gives way again, no one can say for sure where the next level is. If Bitcoin can’t get back above $70,000 next week, this weekly candle will be set in stone.
#Bitcoin #Gold
The data is out. October PPI rose 0.3% month over month, softer than the expected 0.4%, and prices did bounce briefly. But year over year, it came in at 6.5%, the highest since November 2022. Core PPI was up 5.0% year over year, in line with expectations. The data wasn’t enough to support prices.
Bitcoin spot on Binance is now around $66,800. The 24-hour low has already touched around $66,600, nearly $2,000 below yesterday morning’s low. Ethereum is around $1,884, with a low of $1,878.
This weekly candle looks even worse. The week opened around $74,900, and if it closes at the current level, that will make six consecutive down weeks. From around $86,500 during the week in October to here, it has lost roughly 22% in just over six weeks.
Another set of numbers stings even more. Exactly five years ago today, on November 14, 2021, Bitcoin’s daily candle on Binance closed at $65,519. Put $10,000 in then, and today it would be worth around $10,200—almost no gain in five years. And if you go by the peak of $69,000 touched on November 10, 2021, Bitcoin is now below that high.
On that same day, gold closed at around $1,866 an ounce. Spot gold is now around $3,880, roughly double. Put $10,000 into gold and it would be worth a little over $20,000 today. Ethereum closed at $4,626 five years ago and is now at $1,884, down by more than half. Cardano has fallen from around $2.04 to $0.16, leaving just over $800 of a $10,000 investment.
They’ve been calling it digital gold for five years. Lay out the numbers and this is what you get. Weekend order books are thin. If $66,600 gives way again, no one can say for sure where the next level is. If Bitcoin can’t get back above $70,000 next week, this weekly candle will be set in stone.
#Bitcoin #Gold
