Bitcoin slid below $74,000 on Tuesday after a hotter-than-expected United States inflation report sent crypto prices lower, with analysts warning that the world's largest cryptocurrency could fall further towards $70,000 if it cannot hold its current level.
The October consumer price index came in stronger than economists had forecast, reviving expectations that the Federal Reserve could raise interest rates again rather than cut them. Bitcoin was trading at about $73,500 in early trading on Wednesday in Pakistan, down about 1.6 per cent on the day, after falling through the key $74,000 level and the $75,000 support that had held for much of the previous session.
Ether fell further, down about 3.7 per cent to around $2,042, while Solana dropped more than 4 per cent to trade below $83. The sell-off hit the wider crypto market, with most major tokens lower on the day and traders turning defensive after weeks of steady declines.
The mood among investors has darkened sharply. The Crypto Fear and Greed Index, a widely watched gauge of market sentiment, has moved from the greed zone of 81 in October to the fear zone of 28, and analysts say the shift reflects a market that has lost confidence after a month of selling. Bitcoin has now fallen about 14.7 per cent from its highest point this year, and is trading well below the 200-day moving average that many traders use as a dividing line between a healthy market and a weak one.
Matt Mena, senior crypto research strategist at 21Shares, was among those warning that the next leg could be lower, with $70,000 now in sight if buyers do not step in. Technical analysts point to $73,000 as the immediate level to watch, with a break below it likely to trigger further selling from traders who had been waiting for a bounce.
The inflation report landed on a market already under strain. United States spot bitcoin exchange-traded funds recorded $201 million of net outflows on Monday, extending a run of withdrawals, and futures traders have been liquidating leveraged long positions at a rapid pace, with hundreds of millions of dollars of positions wiped out in the past 24 hours.
November has historically been bitcoin's strongest month, with an average return of 34.4 per cent and a median gain of 8.6 per cent since 2010, according to The Block. That history has offered little comfort this year: the token has spent the month sliding, and the hotter inflation data has given sellers a fresh reason to keep pushing it down.
United States stock and bond markets are closed on Wednesday for Veterans Day, with no major economic releases scheduled, which means crypto, which trades around the clock, will be left to find its own level without the usual guidance from Wall Street. Traders say thin holiday liquidity could make any moves sharper in either direction.
For holders, the question now is whether $73,000 holds. If it does, the market may stabilise and begin to build a base; if it breaks, the path towards $70,000, a level last seen in August, opens up quickly, and the Fear and Greed Index suggests few buyers are in a hurry to catch a falling knife.
Figures checked at 06:05 PKT on 11 November 2026.
This post is market news information only, not financial advice.
