Bitcoin fell below $74,000 on Tuesday, November 10, after the release of US inflation data. Consumer prices rose 0.4% m/m in October, more than expected.
What the BLS data showed
The US Bureau of Labor Statistics (BLS) reported on Tuesday that the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% in October compared with September (seasonally adjusted). The core index, excluding food and energy prices, increased by 0.3%. The food price index rose 0.5%. The report was published at 8:30 a.m. Eastern Time, which is 2:30 p.m. in Poland.
The BLS did not publish annual price changes for most indicators. The reason: due to a government funding lapse, officials did not collect data for October 2025, so there is no comparison base. The next reading, for November, is scheduled for December 10.
According to market forecasts, the reading was higher than expected: economists had expected CPI to rise 0.3% (some sources said 0.2%) and core inflation to rise 0.2%. In September CPI rose 0.6%, so the pace slowed noticeably, but less than the market had hoped.
Bitcoin price
After the data was published, BTC fell to about $73,600–$73,700. According to market data sites, this is a drop of roughly 1.3–1.4% within a day. The price was already under pressure earlier: on November 8 Bitcoin also dipped below $74,000, and the market recorded more than $1 billion in liquidations of futures positions.
Spot ETFs are also under pressure. According to data cited by market sites on Monday, net outflows from US spot bitcoin funds came to about $201 million, of which $213.2 million was attributed to BlackRock’s IBIT.
Market prices in a rate hike
Stronger inflation has raised expectations that the Federal Reserve will raise rates at its December 9 meeting. According to futures contracts quoted by Stocktwits, the probability of a 25 basis point hike rose to about 89%, from about 70% a week earlier. Higher rates typically weigh on risk assets, including cryptocurrencies.
Earlier we wrote about how Bitcoin fell almost 50% from its peak. The all-time high is $126,080.
