Bitcoin Below $75,000 Ahead of CPI Test and Weak ETF Demand
Investors are watching U.S. CPI, while spot Bitcoin ETFs are seeing less inflow. Analysts see $73,000 as a crucial support level for BTC.
Key Takeaways
- Bitcoin remains under pressure as investors wait for new U.S. inflation data and the market fluctuates around $74,591.
- Analysts say a lasting recovery depends mainly on stronger spot Bitcoin ETF inflows, more liquidity, and better spot demand.
- BRN sees extra selling pressure below $73,000 toward $70,000, while Bitget Wallet calls $73,000 to $74,000 an important support zone.
Bitcoin remains under pressure as the market waits for new inflation data from the U.S. Analysts say a softer CPI reading could offer some short-term relief, but a lasting recovery depends mainly on new demand for spot Bitcoin ETFs and more liquidity in the market.
ETF Demand Remains Weak
Spot Bitcoin ETFs, which many bulls were counting on for support toward the end of the year, have recently pulled back. As a result, analysts say Bitcoin is leaning more on broader macro factors and spot buyers to build momentum again.
BRN warned that lower inflation expectations could help risk assets, but that Bitcoin needs real buying pressure. As long as ETF flows do not turn positive and the Federal Reserve does not clearly turn more dovish, the company says the path of least resistance remains downward.
Bitget Wallet said something similar. According to the company, a hotter inflation print could fuel expectations for a rate hike in December, while softer core inflation could trigger a relief rally. Still, the analysts say a durable Bitcoin recovery depends on better liquidity and stronger spot demand.
Which Data Is Still Ahead
The CPI release is the first of several macro data points on the calendar over the next few days. Producer price inflation follows on November 13, the minutes from the Fed's October meeting come out on November 18, and the PCE index, the central bank's favorite inflation gauge, is due on November 25.
Moon Pursuit Capital founder Utkarsh Ahuja pointed out that persistent inflation could limit the Fed's room to provide support, even if tech stocks weaken. He pointed to recent comments from San Francisco Fed President Mary Daly about possible further rate hikes as a reason for investors not to count on a quick Fed rescue.
Levels Around $73,000 (€65,200)
BRN sees a daily close below $73,000 (€65,200) as a possible sign of extra selling pressure toward $70,000 (€62,500). A deeper move toward July's lower levels, below $60,000 (€53,600), would then also become possible.
Bitget Wallet calls $73,000 (€65,200) to $74,000 (€66,100) the key support zone. According to the analysts, stabilization would require more balance in derivatives positions and continued positive ETF inflows. Only above $80,000 (€71,500) would there be clearly stronger demand, they said.
BRN does not see the recent bounce from below $74,000 (€66,100) as a reversal, but as a pause in the downtrend. That fits a market where the price is hovering around $74,591 (€66,600) and investors are mainly waiting for confirmation from the macro data.
The recent ETF outflows and tech sell-off also showed how fragile the market remains when macro jitters and weak fund flows come together.