Bitcoin price rose 1.48% to USD 74,776 on Tuesday, November 10, as the cryptocurrency market recovered slightly from recent losses. BTC remained below USD 75,000 ahead of the October US inflation report, with investors monitoring inflation expectations and institutional demand.
The broader crypto market gained 1.24% over the same period, showing a recovery across major digital assets. Meanwhile, traders remained cautious following the recent market sell-off.
Bitcoin ETFs Record USD 201 Million in Withdrawals
US spot Bitcoin ETFs recorded USD 201.08 million in net withdrawals on November 9, according to SoSoValue. The figure followed approximately USD 1.28 billion in net redemptions during the previous week.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for USD 213.23 million in withdrawals on Monday. Meanwhile, Morgan Stanley’s Bitcoin ETF attracted USD 22.06 million, partially offsetting losses across other funds.
The latest figures marked the third consecutive trading session of negative net flows. Monday’s withdrawals were smaller than the USD 411.9 million recorded on November 6.
The figures showed that demand for US-listed Bitcoin investment products remained weak despite the cryptocurrency’s recovery. Investors also continued assessing broader financial market conditions following last week’s losses.
US CPI Report Could Influence Bitcoin Price Movement
Investors are awaiting the October Consumer Price Index (CPI) report, which the US Bureau of Labor Statistics will release on November 10 at 8:30 a.m. ET.
Economists expect headline inflation to increase 0.3% monthly, while core inflation could rise 0.2%, according to Dow Jones consensus estimates. Both readings would represent slower monthly increases than September.
The inflation figures could influence expectations for the Federal Reserve’s December interest rate decision. Higher-than-expected inflation could strengthen expectations of tighter monetary policy, while softer readings could ease pressure on risk assets.
Analysts at BRN questioned whether lower inflation alone would support a lasting Bitcoin recovery.
“Bitcoin needs real buying, not a lucky break,” the analysts said, adding that stronger demand and Federal Reserve policy remain important factors.
Strategy Adds 1,036 Bitcoin Despite Market Weakness
Corporate Bitcoin accumulation continued despite the recent market downturn. Strategy disclosed on November 9 that it purchased another 1,036 BTC for approximately USD 81.9 million.
According to its SEC filing, the company acquired the Bitcoin between November 2 and November 8 at an average price of USD 79,012.
The purchases increased Strategy’s total holdings to 850,364 BTC, acquired for approximately USD 64.16 billion. The company’s average acquisition price stood at USD 75,456 per Bitcoin.
Strategy’s latest purchase came as Bitcoin traded below the company’s average acquisition cost, reflecting the decline in market prices.
Bitcoin Price Faces Resistance Near USD 76,000
Bitcoin remained below its seven-day simple moving average of approximately USD 76,428. The cryptocurrency also traded beneath its 200-day exponential moving average near USD 76,444.
The USD 76,000 level represents an initial recovery target, followed by resistance around USD 77,574. A sustained move above these levels would place Bitcoin closer to its higher short-term moving averages.
Meanwhile, immediate support remains near USD 74,000, followed by the November 9 swing low of USD 73,665. A break below that low could expose the USD 73,000 support area. Traders are watching the inflation figures for changes in interest rate expectations, with Bitcoin still trading below its main short-term resistance levels.
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Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
