Bitcoin holds below $70K as stocks slip despite a cooler US PPI print
Summary
Bitcoin traded near $68,700 after recovering from a dip to about $67,500, but remained down roughly 4% on the day. US producer prices rose 0.3% month over month and 6.5% year over year in October; the annual increase was the largest since November 2022, though both figures were slightly below forecasts. Markets increased expectations of a 25-basis-point Fed rate hike in December. US stocks also fell. Analyst Rekt Capital warned that a weekly Bitcoin close below $73,000 could repeat earlier support breakdowns that preceded declines toward $60,000. Bitcoin was down 17.7% in the quarter and 11.2% for the month.
