Bitcoin traded near $73,800 on Wednesday morning, slipping below the $74,000 mark after Tuesday’s hotter-than-expected US inflation report forced traders to reprice the odds of another Federal Reserve rate rise. The world’s largest cryptocurrency fell to an overnight low of about $72,727, its weakest level since late August, before steadying in Asian trading, according to market data from Binance and CoinLab.
The October consumer price index rose 0.4% month on month, above the 0.3% forecast, while core prices climbed 0.3% for a third straight month, the Bureau of Labor Statistics said on Tuesday. The print landed hours after Fed Governor Christopher Waller said a core reading of 0.3% or more should put a half-point December hike on the table. Bitcoin fell about 2% on the day and is now down close to 5% over the past week and roughly 12% over the past month, according to CaptainAltcoin and CoinStats.
Fear grips the market
The Crypto Fear & Greed Index stood at 29 on Wednesday, firmly in “fear” territory, down from 32 a day earlier, KuCoin reported. Bitcoin’s daily relative strength index sat near 34, close to oversold but not yet there, while traders watched support at $72,700 to $73,000. A sustained recovery would first require reclaiming $74,500 to $75,000, KuCoin said.
What traders watch next
With no US economic data due on Veterans Day and the bond market closed, crypto traders are left to watch futures pricing and ETF flows for direction. Polymarket’s median forecast put Bitcoin near $73,848 by Thursday noon, CoinLab reported. The 200-day moving average at about $73,191 has held so far, and that line is now the key test: a break below it would open the door to deeper losses, while a hold keeps the sideways range of $72,700 to $75,200 intact.
Institutional flows remain unsettled. The latest tracker update for Tuesday, November 10 showed a preliminary $20 million net inflow for US spot Bitcoin ETFs, but only four of the twelve funds had reported when the figure was checked, and the tracker explicitly marked it as partial, according to Big5Capital. For context, The Block reported that US spot crypto ETFs recorded more than $540 million in combined net outflows on November 6. The useful conclusion is that the flow picture is unsettled, not that demand has turned positive, and ETF flows do not capture every spot exchange, offshore venue or direct wallet transfer.
Related reading: Bitcoin Holds $74,500 Ahead of CPI Report and Ether Tests $2,100 Support as ETF Outflows Reach $184 Million
