Highlights Bitcoin Price faces pressure as inflation concerns sustain tightening expectations. Spot Bitcoin ETFs recorded $1.28 billion outflows, weakening institutional demand. Bitcoin risks testing $70,000 if sellers break below $73,000 support.
Bitcoin price traded below $75,000 on Monday, November 9, as investors prepared for another inflation test.
The cryptocurrency lost more than 4% last week, extending its decline for a fifth consecutive week.
Ethereum held above $2,100, while XRP price approached $1 as weakness spread across major digital assets. Strong employment figures and heavy fund withdrawals left Bitcoin facing pressure ahead of Tuesday’s consumer price report.
Bitcoin exchange-traded funds recorded their largest outflows since early July, highlighting weakening investor appetite. Short-term holders remained close to breaking even as the market struggled to regain momentum. Elevated leverage and strong demand for downside protection underscored caution among traders. The accompanying chart showed declining unrealized profitability, adding to the subdued outlook.
US CPI Preview: Will Inflation Keep December Rate Hike Bets Alive?
October CPI data will arrive on November 10 at 8:30 a.m. Eastern, before US stock markets open. Employers added 165,000 jobs last month, while unemployment slipped to 4.1% from 4.2% in September. The figures strengthened expectations that the Federal Reserve could raise interest rates during its December meeting.
However, the inflation report will lack annual comparisons for indexes missing October 2025 data. Monthly headline and core readings will therefore carry greater weight when investors assess price pressures.
A stronger inflation result could reinforce tightening expectations, potentially limiting Bitcoin’s ability to sustain a recovery. Higher borrowing costs can reduce appetite for volatile assets by making cash yields attractive. Softer monthly readings could offer relief, although they would not guarantee an immediate shift in Fed policy.
Bitcoin ETF Outflows Hit $1.28 Billion as Institutional Demand Weakens
US spot Bitcoin ETFs recorded around $1.28 billion in net withdrawals between November 2 and 6, despite one positive session. BlackRock’s IBIT accounted for roughly $1.209 billion, highlighting the concentration of redemptions within the largest fund.
Friday brought $411.9 million in overall withdrawals, including $403 million from IBIT, while Fidelity’s FBTC attracted $42.8 million. Ethereum ETFs also lost approximately $365 million during the week, extending their outflow streak to six weeks.
Key Macro Events To Watch This Week
Tuesday’s CPI release leads the calendar, followed by OPEC’s monthly oil market report on Wednesday. Thursday brings initial jobless claims and October existing home sales, offering further evidence about economic conditions.
Key Events This Week:
1. October CPI Inflation data - Tuesday
2. OPEC Monthly Report - Wednesday
3. Initial Jobless Claims data - Thursday
4. October Existing Home Sales data - Thursday
5. October PPI Inflation data - Friday
6. Total of 17 Fed Speaker Events This Week
We expect another volatile week ahead.
— The Kobeissi Letter (@KobeissiLetter) November 8, 2026
October producer price inflation follows on Friday, providing another measure of price pressures across the economy. Meanwhile, 17 scheduled Fed speaking events could influence expectations as policymakers discuss inflation and employment.
Bitcoin’s recovery prospects therefore hinge on incoming inflation figures, policy signals and whether fund withdrawals begin to ease.
Bitcoin Price Prediction: Will $74,000 Support Hold as Selling Pressure Persists?
BTC price traded at $74,795.28, down 0.92%, as Bitcoin remained below $76,000 resistance on the four-hour chart. The RSI stood at 42.12, indicating weak momentum despite recovering from near oversold territory. Meanwhile, the MACD remained below its signal line, with a negative histogram reinforcing the cautious outlook.
Immediate support sits at $74,000, followed by $73,000 if selling pressure intensifies. A sustained break below $73,000 could expose the next downside target at $70,000. Conversely, reclaiming $76,000 would strengthen recovery prospects toward $77,500, with $80,000 representing a higher target as per the long-term BTC projection. Buyers would need sustained momentum above resistance to weaken the prevailing bearish structure.
