CPI exceeds forecasts as Bitcoin holds at $74,000

Bloomberg reported that October headline CPI increased 0.4%, compared with a forecast of 0.3%. Bloomberg also reported a 0.3% increase in core CPI, exceeding economists' forecast of 0.2%. The stronger-than-expected inflation figures strengthened the case for another Federal Reserve rate increase. Bitcoin held at $74,000, while Ethereum and XRP also traded sideways after the release.

Food prices increased 0.5% in October. Energy prices advanced 0.7%. Gasoline prices increased 1.0%. Housing prices rose 0.3%. Private-sector real earnings were unchanged.

Walter Bloomberg separately highlighted that core inflation reached a three-month annualized rate of 3.7%, the highest since January 2025. Supercore inflation, which excludes housing and food, reached an annualized 5.5%, compared with September's 4.6%, marking the fastest pace since April 2024. However, the six-month core CPI rate declined from 2.9% to 2.7%. An unofficial estimate put annual core inflation at 2.74%, compared with 2.56% previously.

Spot Bitcoin exchange-traded funds recorded net withdrawals of $201 million on Monday. BlackRock's IBIT fund recorded withdrawals of $213.2 million, marking a seventh consecutive session of outflows. The Monday withdrawals followed weekly outflows of $1.28 billion that pushed Bitcoin ETF flows into negative territory for 2026. Bitcoin ETFs now have net outflows of $914 million for the year.

SoSoValue data showed that U.S. spot XRP ETFs recorded withdrawals of $10.42 million on November 9. The withdrawals ended four consecutive trading days without flows. The November 9 outflow was the largest daily withdrawal since $18.11 million left the funds on March 9.

Bitcoin traded below $75,000 and all four major exponential moving averages. Bitcoin's relative strength index was near 34, indicating weak momentum. Bitcoin support levels were around $73,500 and then $72,000. Bitcoin resistance ranged from $75,000 to $76,400.

Ethereum traded around $2,060 as Ethereum's decline continued below all four major exponential moving averages. Ethereum's relative strength index was near 30, approaching oversold conditions. Ethereum support ranged from $2,030 to $2,000, followed by $1,900. Ethereum resistance ranged from $2,130 to $2,200.

XRP declined to $1.06 and traded substantially below XRP's major exponential moving averages. XRP's relative strength index was near 24, indicating oversold conditions without confirmation of a reversal. XRP support levels were $1.05 and then $1. XRP resistance levels were $1.10 and then $1.22.