Bitcoin falls below $73,000 after hotter-than-expected inflation data

Bitcoin dropped below $73,000 on Tuesday, November 10, after US inflation data came in above forecasts. CoinDesk reported the break at 11:46 a.m. EST. The outlet said it was bitcoin's weakest level since August 20.

The Block put bitcoin at $73,363 in the afternoon, down 1.6%. Ether fell 3.7% to $2,042 over the same stretch, the outlet reported.

What the inflation report showed

The October consumer price index rose 0.4% from September, according to figures reported by CoinDesk and The Block. Forecasts had called for 0.3%. Core CPI, which leaves out food and energy, rose 0.3% against a 0.2% forecast.

CoinDesk noted that no year-over-year rate was published this time. A government shutdown meant there was no October 2025 report to compare against.

A rate hike is now the base case

Fed Governor Chris Waller said overnight that he favored a December rate hike even if inflation cooled, CoinDesk reported. After the data, CME FedWatch showed about 85% odds of a 25 basis point hike at the December 9 meeting. Odds of a larger 50 basis point move stood near 15%. A quarter-point hike would lift the Fed's target range to 4.00% to 4.25%.

Bond yields jumped. The 10-year Treasury yield rose 15.2 basis points to 5.015% by midday, according to CoinDesk. The Nasdaq was down 1.1% at that point.

Lewis Huang of Bitget told The Block that "higher yields and a stronger dollar could add to recent selling pressure."

A rough weekend came first

Tuesday's drop followed a volatile weekend. Late on Sunday, November 8, bitcoin slid to about $73,761, CoinDesk reported. It then bounced back above $75,000 before fading again.

CoinGlass data cited by Cointelegraph showed about $1.12 billion in leveraged crypto positions liquidated in the 24 hours to 9 a.m. UTC on Monday. CoinDesk tied the swing to reports about Nvidia's chief executive and stalled US talks with Iran.

Levels traders are watching

• The 200-day moving average near $73,200, cited by The Block as support
• The $73,000 mark and the 50-week moving average, flagged by 21Shares strategist Matt Mena
• A short-term holder cost basis of $75,691, per CryptoQuant data cited by Cointelegraph on November 9

Not financial advice.