Bitcoin is failing to move away from around $74,000. It has struggled to find a clear direction even as U.S. stocks and Treasury yields rise again.
Cointelegraph reported on Nov. 11 (local time) that around the time Wall Street opened, bitcoin moved up and down around $74,000. U.S. stocks rose on buying focused on tech shares, but bitcoin moved differently from the stock market.
Across markets, concerns about inflation and interest rates intensified again. U.S. Treasury yields surged after the U.S. consumer price index (CPI) came in higher than expected the previous day, and the 10-year yield regained the 5 percent level. The 30-year yield also climbed to 5.378 percent. Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, said the bond market is reflecting a hawkish interest-rate path by the U.S. Federal Reserve.
He told CNBC that inflation expectations indicators are focusing on lower oil prices, but regular Treasuries are pricing in a Fed rate hike in December. He added that markets are also reflecting the possibility of an additional increase in January 2027.
The oil market also turned uneasy again. LSEG Oil Research said that even if an agreement is reached, clearing mines from waterways, insurance costs and shipowners' willingness to take risk will be prerequisites for restoring flows. U.S. West Texas Intermediate crude rose 1.4 percent to $87.70 a barrel and Brent crude gained 1.5 percent to $93.40.
Bitcoin is moving between its 21-week simple moving average of $73,078 and its 50-week simple moving average of $75,492. With volatility easing after the CPI release, markets appear to be waiting for fresh catalysts to set the next direction.
On-chain indicators showed signs that short-term selling pressure has increased. Bitcoin lost support around $75,700, the average entry price for the group of short-term holders, and investor profitability deteriorated as a result. Short-term holders typically refer to wallets that have held bitcoin for 155 days or less. On Nov. 10, more than 47,000 BTC moved from these wallets to exchanges while in an unrealised loss. If the volume turns into actual selling, it is read as a signal that fear-driven selling could intensify.
As a result, market attention is splitting into two paths. One side is watching whether the rebound in tech stocks and a recovery in risk appetite will continue, while the other is monitoring whether higher rates, firmer oil prices and loss transfers by short-term holders will add pressure on bitcoin. For the time being, bitcoin is likely to remain in a phase of limited volatility as macro indicators and fund flows both sway the market.
