Bitcoin price was USD 74,031.5 at 12:55:33 Berlin time on November 11, according to Investing.com. That was 0.42% above Bitcoin's verified UTC daily close of USD 73,721 on November 10, based on CoinGecko. The comparison uses the UTC day close rather than a rolling 24-hour change.
Inflation shifts rate expectations
The immediate macro backdrop remained difficult for risk assets. October US consumer prices rose 0.4% month over month, above the 0.3% market expectation, while core inflation increased 0.3% against forecasts of 0.2%, according to FXStreet. The report said the data strengthened expectations of further Federal Reserve tightening, while higher Treasury yields and a stronger US dollar weighed on Bitcoin.
Yahoo Finance, citing Investing.com, reported that markets were pricing in nearly an 89% probability of a 25-basis-point December rate increase. Higher rates can reduce the relative appeal of non-yielding and speculative assets, although the relationship does not establish a one-for-one explanation for every Bitcoin move.
ETF demand stays under pressure
Institutional flows added another headwind. FXStreet reported that US-listed spot Bitcoin ETFs recorded USD 95 million in net outflows on Tuesday, the fourth consecutive day of withdrawals. The same report said Bitcoin had fallen as low as USD 72,727 after the inflation release and highlighted elevated leverage in perpetual futures.
Open interest in Bitcoin perpetual futures stood at 353,000 BTC, which K33 Research placed in the 99th percentile of observations from the previous two years, according to FXStreet. Such positioning can increase the size of moves in either direction if traders are forced to close positions.
Levels investors are watching
The Investing.com page showed a daily range of USD 73,234.4 to USD 74,144.0 at the time of the quoted reading, with a market capitalization of USD 1.49 trillion and 24-hour volume of USD 30.04 billion. FXStreet identified the USD 70,000 area as a possible downside reference and resistance between roughly USD 76,400 and USD 78,900 based on technical averages. These are market levels, not forecasts or investment recommendations.
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