Bitcoin Dips Below $73,000 Following US Inflation Data
The asset faces macroeconomic pressure and competition from gold as it seeks to consolidate its recovery.
Bitcoin retreated back below the $73,000 mark over the last 24 hours. The move occurred after the United States Consumer Price Index posted a 0.4% increase in October. This result exceeded the 0.3% expectation and triggered the liquidation of $200 million in long positions within minutes.
Persistent inflation above expectations has created uncertainty regarding American monetary policy. Goldman Sachs projects the possibility of further interest rate hikes in December and March of next year. Maintaining high interest rates tends to reduce liquidity available for risk assets and puts pressure on the cryptocurrency market.
Another factor drawing attention is the preference of central banks for gold. These institutions acquired 321 tons of the precious metal in the third quarter of this year. This volume represents a 42% increase compared to the same period last year and reflects a search for reserve diversification that has not yet shifted to the digital sector.
Institutional infrastructure continues to advance despite the challenging landscape. Deutsche Bank has launched custody solutions for Bitcoin and Ethereum in Europe. Simultaneously, Payward has begun tokenized stock trading operations in the European and British markets.
Price sustainability depends on the asset's ability to hold the $73,000 level. The absence of new forced liquidations and price stabilization are key points to validate the strength of the current trend. If new macroeconomic shocks occur, the recovery structure could be invalidated.
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