# BELOW 70,000 $ : INFLATION TAKES THE WHEEL AGAIN.
On Friday, November 13, Bitcoin fell below 70,000 $ for the first time since August. It lost as much as 9% in two days amid concerns about inflation and a possible Fed rate hike. It started with higher-than-expected U.S. inflation figures published Tuesday, which sent the price below $74,000. Bitcoin is now reacting like a risk asset: when interest rates look set to rise, it falls. It closed Friday at $69,556, its lowest closing level in at least three months, and shed nearly 14% over twenty sessions, wiping out most of its summer rebound.
What stands out most is the contrast with the calendar: November has historically been Bitcoin’s best month, with an average gain of 34.4% since 2010. This seasonality isn’t enough when macroeconomic factors are working against it. On Monday, November 9, it was already lagging while the Nasdaq surged nearly 3%. The divergence from stocks shows that the problem is specific to crypto.
For this Saturday, the market is mainly waiting to see whether inflation is easing and whether the Fed will hold off on tightening. As long as that uncertainty persists, rebounds will remain fragile.
On Friday, November 13, Bitcoin fell below 70,000 $ for the first time since August. It lost as much as 9% in two days amid concerns about inflation and a possible Fed rate hike. It started with higher-than-expected U.S. inflation figures published Tuesday, which sent the price below $74,000. Bitcoin is now reacting like a risk asset: when interest rates look set to rise, it falls. It closed Friday at $69,556, its lowest closing level in at least three months, and shed nearly 14% over twenty sessions, wiping out most of its summer rebound.
What stands out most is the contrast with the calendar: November has historically been Bitcoin’s best month, with an average gain of 34.4% since 2010. This seasonality isn’t enough when macroeconomic factors are working against it. On Monday, November 9, it was already lagging while the Nasdaq surged nearly 3%. The divergence from stocks shows that the problem is specific to crypto.
For this Saturday, the market is mainly waiting to see whether inflation is easing and whether the Fed will hold off on tightening. As long as that uncertainty persists, rebounds will remain fragile.