Bitcoin BTC$73,975.70 weathered Tuesday’s hotter-than-expected U.S. inflation report and a flush-out of leveraged positions, falling less than 1% over the past 24 hours. The question now is whether that performance signals resilience or merely a pause in selling.
Consumer prices rose 0.4% last month, more than forecast, prompting traders to put the odds of a quarter-point Fed interest-rate increase at 90%, according to CME FedWatch.
The largest cryptocurrency fell to around $72,700 on Tuesday and was recently trading near $74,700. Futures traders bore the brunt, as liquidations surged 288% to $725 million, according to CoinGlass.
The pace of ETF selling has changed. U.S. spot bitcoin ETFs saw $95 million in net outflows on Tuesday, their fourth consecutive day of outflows, down from $201 million on Monday, $412 million on Friday and $430 million on Thursday.
Stablecoin liquidity is also tight. CryptoQuant says Tether’s USDT market capitalization has fallen by $6.6 billion over 60 days, its largest 60-day contraction since its data began in 2022 and more than twice the decline following FTX’s collapse four years ago.
“Stablecoin growth funded every rally this cycle,” CryptoQuant wrote on X. The Coinbase Premium, which gauges U.S. demand, has been negative for 30 consecutive days.
Bitcoin is hovering around its 200-day moving average, near $73,200 according to CryptoQuant’s calculation. The firm says this level distinguishes a shallow correction from a deeper one. Bitcoin is also below the 365-day average of $76,400, which CryptoQuant says it must reclaim to restore a bullish structure.
CryptoQuant’s Bull Score Index, which measures cycle strength, has fallen to 20 from 90 on Oct. 13. The same reading occurred in April 2025, just before the market bottomed, although the firm cautions that the same signals can also mark the start of a deeper correction.
Stocks, by contrast, are rebounding, with Nasdaq 100 futures up 1.7% after CoreWeave beat earnings expectations.
Options traders are buying downside protection, but not frantically. Eight of the 10 most active bitcoin contracts on Deribit expiring through Nov. 27 are puts, with strike prices ranging from $69,000 to $74,000. Implied volatility, however, is only around 36% to 38%.
Analysts at BRN said on Tuesday that bitcoin needs “real buying, not a lucky break.” Stay alert!
Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."
Source: www.coindesk.com. Adapted by NBTC.
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