Bitcoin faces a critical test as it trades near $74,750 ahead of today's CPI release, with analysts warning that a break below $73,000 could trigger further declines toward $70,000.
Bitcoin has fallen from above $87,000 in early October to around $74,750, and spot bitcoin ETF demand has faltered. Analysts at BRN and Bitget Wallet say a soft October CPI report due at 8:30 a.m. ET today would offer only fleeting relief and that 'the path of least resistance remains lower' until ETF flows and Fed policy turn supportive. A daily close below $73,000 could accelerate selling toward $70,000.
Bitcoin is trading near $74,750 as markets await the October CPI report, expected to show a 0.3% monthly increase. Analysts warn that while a soft inflation print may provide fleeting relief, a sustained recovery requires renewed spot ETF inflows and supportive Fed policy. A daily close below the $73,000 support level could accelerate selling pressure toward $70,000.
A softer inflation print could spark a short-lived relief rally, but analysts caution a sustained recovery needs renewed spot ETF inflows and more supportive Fed policy, not just macro relief.
Analysts flag $73,000-$74,000 as the key support zone; a decisive daily close below $73,000 could push prices toward $70,000, then $68,000, with a deeper move toward July's lows below $60,000. Holding $80,000 would signal stronger demand.