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It seems the odds of treating the current $73,000 level as bottom support aren’t favorable.
The U.S. October inflation data released last night shattered the market’s optimistic outlook for inflation to cool.
CPI rose 0.4% month over month (vs. 0.3% expected), while core CPI rose 0.3% month over month (vs. 0.2% expected). Both readings came in above Wall Street’s estimates.
The data landed right on the warning threshold previously set by Fed Governor Waller: if core inflation reaches 0.3%, the option of discussing a 50-basis-point rate hike at the December meeting will be on the table.
After the data was released, the 10-year Treasury yield briefly surged to 4.996%.
Bitcoin dipped to around $72,700, and Ethereum touched $2,006. Within an hour of the release, about $178 million in long positions were liquidated across the market.
The Fear & Greed Index plunged from 57 a month ago to 30. Combined with three consecutive days of outflows from spot ETFs last week, buying support in the market is clearly under strain.