COOLER INFLATION WAS SUPPOSED TO HELP BITCOIN. IT DIDN'T. 🚨
Friday's PPI report came in cooler than expected: +0.3% for October vs the +0.4% economists predicted. Bitcoin jumped 1.4% to $70,214 within minutes.
Then it gave it all back, falling to about $68,400 after an earlier low of $67,568, its lowest level since August. I stayed up watching this one so you don't have to.
FOR BEGINNERS
when a market gets good news and still sells off, it usually means buyers are tired and sellers are waiting above. Over $1.3 billion in leveraged bets were also liquidated, about 83% of them longs. A liquidation is when an exchange force-closes a trade made with borrowed money because the price moved against it, which pushes the price down even faster.
Why the good news didn't stick:
📊 Producer prices are still up 6.5% from a year ago, the highest since November 2022
🏦 A December Fed hike is still the expectation
😨 Fear & Greed Index fell to 20, Extreme Fear
📉 Bitcoin is down about 7% since Sunday and lost its 200-day average near $73,100
Levels to watch: $70,000 is now resistance, $67,568 is Friday's low, and $65,000 is next below that. Weekend liquidity is thin, which can make moves sharper.
Does $67,568 hold through the weekend? 👇
$BTC $ETH $SOL #Bitcoin #PPI #Liquidations #CryptoNews #BinanceSquare
Friday's PPI report came in cooler than expected: +0.3% for October vs the +0.4% economists predicted. Bitcoin jumped 1.4% to $70,214 within minutes.
Then it gave it all back, falling to about $68,400 after an earlier low of $67,568, its lowest level since August. I stayed up watching this one so you don't have to.
FOR BEGINNERS
when a market gets good news and still sells off, it usually means buyers are tired and sellers are waiting above. Over $1.3 billion in leveraged bets were also liquidated, about 83% of them longs. A liquidation is when an exchange force-closes a trade made with borrowed money because the price moved against it, which pushes the price down even faster.
Why the good news didn't stick:
📊 Producer prices are still up 6.5% from a year ago, the highest since November 2022
🏦 A December Fed hike is still the expectation
😨 Fear & Greed Index fell to 20, Extreme Fear
📉 Bitcoin is down about 7% since Sunday and lost its 200-day average near $73,100
Levels to watch: $70,000 is now resistance, $67,568 is Friday's low, and $65,000 is next below that. Weekend liquidity is thin, which can make moves sharper.
Does $67,568 hold through the weekend? 👇
$BTC $ETH $SOL #Bitcoin #PPI #Liquidations #CryptoNews #BinanceSquare
