- Bitcoin price USD hovered near $74,500 on Nov. 9 after dipping to $73,510.
- The BLS scheduled its October CPI report for Nov. 10 at 8:30 a.m. ET.
- Crypto liquidations topped $1.04B, while spot Bitcoin ETFs lost $1.28B in a week.
Bitcoin (BTC) slipped to around $74,500 on Nov. 9, losing nearly 2% in a day. The drop came just ahead of October’s U.S. CPI report, due on Nov. 10.
Bitcoin Price USD Fell to $73,510 as Longs Got Wiped Out
Monday’s weakness began in early Asian trading. BTC touched $73,510 before recovering above $75,000, according to KuCoin’s daily report.
CoinGecko data showed Bitcoin at $74,289 around 06:00 UTC.
Leveraged traders took the biggest hit. Roughly $1.04 billion in crypto positions were liquidated, and most were longs, per CoinGlass.
The move left BTC about 8% under its Nov. 4 high near $81,000. It had already erased its post-election bounce by Nov. 5.
It also sat 1.5% below Strategy’s average buying price. Strategy is the largest listed corporate holder of Bitcoin.
ETF investors were pulling money out too. Spot Bitcoin ETFs lost $1.28 billion in the first trading week of November.
Nov. 5 alone saw $430.20 million leave, per SoSoValue. Another $411.92 million exited on Nov. 6, mostly from BlackRock’s IBIT.
Fidelity’s FBTC was the lone fund to attract fresh money that day. Equities did not offer much support either. The Nasdaq rose 1.09% on Friday, yet crypto failed to follow. Ethereum (ETH) dropped about 5% to $2,127.
Why U.S. CPI Data Mattered for the BTC Price
The BLS schedule showed the October CPI release at 8:30 a.m. ET on Nov. 10. Consensus pointed to a 0.3% monthly rise in headline CPI, half of September’s 0.6%. Core CPI was seen at 0.2%, down from 0.3%, according to Mitrade.
Not everyone agreed, though. Morgan Stanley expected 0.19% on both measures, while RBC Economics saw 0.3% on both. Continuum Economics leaned lower as well, expecting 0.2% for both.
In September, annual inflation was 3.7% and core inflation was 2.6%. A 9.1% jump in gasoline did much of the damage.
This report had one odd feature. It would not include a yearly inflation rate for overall prices, StockTitan reported. October 2025 prices were never collected because of the federal shutdown. So the monthly core figure carried extra weight this time.
Rate expectations had already shifted after the jobs report. Payrolls grew by 165,000 in October, far above the 60,000 or so expected. Unemployment eased to 4.1%.
As a result, markets saw a 78% chance of a December rate hike, NordFX noted. Rate hikes usually hurt risk assets, and crypto is no exception.
Fed officials Bowman, Goolsbee and Barkin were also scheduled to speak on Monday. A hot core number could add to that pressure on the BTC price. A cooler reading might offer some relief. The US midterm elections had already rattled the market earlier this month.
Bitcoin Price USD: The Levels That Mattered Before CPI
On the charts, $73,500 to $74,000 was the first zone to watch. KuCoin’s report called it a key reference area if prices fell again. The 200-day moving average sat a little lower, near $73,170. A daily close below it could invite more selling.
The weekly chart told a similar story. Analysts cited by The Sunday Guardian said BTC was testing its bull market support band.
Losing $73,700 to $74,000 could confirm a multi-month downtrend, they warned. Buyers had work to do on the way up as well. Resistance sat near $75,600, and BTC needed $76,000 back before targeting $78,000.
Recent rallies had been rejected between $81,000 and $81,850. That zone remained the bigger hurdle overhead. KuCoin’s analysts said a recovery needed better macro expectations and stronger fund flows.
More data was lined up after CPI, with October PPI due on Nov. 13. Sentiment remained weak going into the release. The Fear & Greed Index stood at 29.
At press time, Bitcoin price in USD was holding just above the $74,000 mark. Whether it stayed there could depend on Tuesday’s core CPI number.
