Bitcoin plunged 3% and fell to $72,700 — roughly a three?month low — pushing year?to?date losses to 17%. More volatile coins fell even harder: Ethereum and XRP lost more than 5%, and Zcash about 14%. On the previous day, Bitcoin had traded around $74,200 after Christopher Waller's comments about a rate hike, and it was near $73,500 overnight into November 9, so the current decline is a continuation rather than a new development. The trigger was the consumer?price report, which came in hotter than expected.

The core index, excluding food and energy, rose 0.3% month?on?month versus a 0.2% forecast, beating estimates for the third month in a row; the headline index gained 0.4% versus a 0.3% forecast after a 0.6% increase in September. Annualized over three months, core growth was 3.75% — the highest in more than two years — and rising food and electricity prices show that pressure is not coming only from gasoline.

Notably, Bitcoin still has reasons to rise, but they are not working. Regulators are friendly, Wall Street has built complex infrastructure for buying Bitcoin, and speculative appetite remains, yet last month's $6.3 billion Binance hack continues to undermine trust. A weekly outflow of $1.28 billion from spot ETFs was previously recorded, and fresh inflows have not returned. In early November, Tom Lee said the market was already at the bottom, but since then Bitcoin has lost about $8,000, so that call has not yet been confirmed.

The technical backdrop has worsened. Yesterday, the corridor was defined by the 21?week moving average at $73,078, and the 50?week at $75,492, and the lower band has now been lost. I believe Bitcoin will remain under pressure until Friday's producer?price data, and the most likely scenario is a move toward $67,755, especially if yields continue to rise and the dollar strengthens.

Technical analysis and recommendations

Bitcoin

Buyers are currently targeting a return to $75,000, which would open a direct path to $76,900 and then toward $78,500 — a break above which would signal attempts to revive the bull market. On a decline, I expect buyers at $72,800. A drop below that level could quickly push BTC toward $71,100, with a further target around $69,400.

Ethereum

A clear close above $2,093 would open a direct path to $2,149, with a more distant target near $2,194 — a break above which would indicate strengthening bullish sentiment and renewed buyer interest. On a drop, I expect buyers at $2,020. A slip below that area could quickly push ETH toward $1,974, with a further target around $1,916.

What's on the chart

• The red lines represent support and resistance levels, where the price is expected to either pause or react sharply.
• The green line shows the 50-day moving average.
• The blue line is the 100-day moving average.
• The lime line is the 200-day moving average.

Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.