Bitcoin Keeps Seller-Led Momentum Near $75,000 as Volume Rises Ahead of CPI

Bitcoin’s latest weekly trading data indicated that sellers retained the initiative even as turnover increased, leaving its recovery near $75,000 without a clear sign that buyers were preparing to take control.

The Nov. 9 report from blockchain analytics firm Glassnode provided a cautious backdrop heading into today’s U.S. inflation release.

Reuters reported closing gains of about 2.4% for the S&P 500 and 2.7% for the Nasdaq Composite on Nov. 9, while cheaper oil helped ease inflation concerns. Bitcoin was trading near $75,000 on Nov. 9, according to Glassnode.

More Trading, but Sellers Retain the Initiative

Glassnode’s latest Market Pulse placed the spot cumulative volume delta (CVD) at negative $92 million, compared with positive $7 million seven days earlier. Its spot volume indicator rose 13.3% to $6.4 billion from $5.6 billion.

CVD tracks the balance between aggressive buying and selling within the activity Glassnode measures. Negative CVD meant aggressive selling outweighed aggressive buying in that measured activity.

The report’s weekly indicators described the demand conditions Bitcoin brought into the equity rally.

Farside Investors’ completed Nov. 2-6 sessions showed four aggregate outflow days and one inflow day, totaling $1,282 million in net outflows. Another $201 million left the funds on Nov. 9.

Glassnode put futures open interest at $37 billion, down 1.1% from $37.4 billion seven days earlier, and described the unwind as partial. Funding payments remained elevated while short-term holders were near break-even.

A price recovery would carry more weight if improving spot CVD showed buyers taking the initiative, while positive ETF flows persisted across completed sessions.

In its Nov. 4 analysis, Glassnode placed the short-term holder cost basis at $75,700 and the True Market Mean at $77,700. The first estimates what newer holders paid, while the second estimates the cost basis of active investors.

Below, Glassnode identified a broader $73,000-$76,000 retest band and said a sustained break below $73,000 would point to longer consolidation.

CPI Tests Bitcoin’s Backdrop

The Bureau of Labor Statistics is scheduled to release October CPI today. A favorable inflation reading could ease rate expectations and support risk appetite. As the Federal Reserve explains, expected policy rates affect broader interest rates and financial conditions.

Reuters reported Bitcoin’s late-Sunday fall to $73,708 amid investor worries that a Democratic-controlled Congress would toughen crypto regulation. Those concerns offer a separate reason for caution alongside the trading data.

Source link