Bitcoin is trading under renewed pressure near the $76,000 resistance level after a volatile week, with traders bracing for the next key inflation report. Fed rate hike expectations are weighing on cryptocurrency market sentiment, reinforcing a cautious tone across risk assets.
Market analysts warn that a break below $75,000 could expose deeper downside toward $72,000. The risk is amplified after widespread long liquidations, which have added selling pressure and tested the confidence of leveraged bullish positions.
For now, traders are closely watching the $73,000 support level and the $76,000 resistance level. The upcoming November 10 consumer price index report is seen as a potential catalyst: a softer inflation reading could revive recovery momentum, while a hotter print could strengthen expectations for further Federal Reserve tightening and push Bitcoin toward lower supports.
