BITCOIN FALLS TOWARD $70,500 – CAN TONIGHT'S US PPI DATA DETERMINE THE NEXT MOVE?
BTC remains under selling pressure after breaking below the $73,300–$73,500 support zone. Price is currently trading around $70,566, with no clear reversal signal yet.
1. Technical Analysis
MTF Scanner: 15M Bearish | 1H Bearish | 4H Bearish | 1D Bearish.
Resistance: $71,800–$72,200.
Immediate support: $70,400–$70,800.
Next support: $69,300.
2. Macro Focus – US PPI Tonight
Following hotter-than-expected October CPI, markets are now watching US PPI data due at 20:30 today (November 13).
PPI MoM forecast: 0.4% (previous: 1.3%).
Core PPI MoM forecast: 0.3% (previous: 0.7%).
A stronger-than-expected reading could support the USD and add pressure on BTC. Conversely, cooler inflation data may create room for a short-term recovery.
3. Price Scenarios
🔴 SELL: Rejection around $71,800–$72,200 could bring BTC back toward $70,400 and potentially $69,300.
🟢 BUY: If $70,400–$70,800 holds, BTC could rebound toward $71,800–$72,200, followed by $73,300–$73,500.
Market Outlook: The bearish trend remains dominant across all four timeframes. Tonight's PPI release could be a key catalyst, while $70,400 remains the critical level to watch.
⚠️ Personal market analysis, not financial or trading advice.
#bitcoin
BTC remains under selling pressure after breaking below the $73,300–$73,500 support zone. Price is currently trading around $70,566, with no clear reversal signal yet.
1. Technical Analysis
MTF Scanner: 15M Bearish | 1H Bearish | 4H Bearish | 1D Bearish.
Resistance: $71,800–$72,200.
Immediate support: $70,400–$70,800.
Next support: $69,300.
2. Macro Focus – US PPI Tonight
Following hotter-than-expected October CPI, markets are now watching US PPI data due at 20:30 today (November 13).
PPI MoM forecast: 0.4% (previous: 1.3%).
Core PPI MoM forecast: 0.3% (previous: 0.7%).
A stronger-than-expected reading could support the USD and add pressure on BTC. Conversely, cooler inflation data may create room for a short-term recovery.
3. Price Scenarios
🔴 SELL: Rejection around $71,800–$72,200 could bring BTC back toward $70,400 and potentially $69,300.
🟢 BUY: If $70,400–$70,800 holds, BTC could rebound toward $71,800–$72,200, followed by $73,300–$73,500.
Market Outlook: The bearish trend remains dominant across all four timeframes. Tonight's PPI release could be a key catalyst, while $70,400 remains the critical level to watch.
⚠️ Personal market analysis, not financial or trading advice.
#bitcoin
