Bitcoin Tops $70K After October PPI Prints Cooler Than Forecast
Bitcoin pushed back above $70,000 on November 13 after October producer prices rose 0.3% month over month, a tenth below forecast. Shorts took most of the hour's liquidations, and Polymarket odds of a 50 bp December Fed hike fell to 6%.
October producer prices rose 0.3% month over month, a tenth below the 0.4% forecast, and Bitcoin pushed back above $70,000 on November 13. The US Bureau of Labor Statistics published the release that morning.
Annual headline PPI came in at 6.5% against a 6.6% forecast. Core PPI matched expectations at 0.3% monthly and 5.0% annually.
The move was quick. BTC had dipped below $67,600 earlier in the day, then jumped from about $69,246 to nearly $70,000 within five minutes of the release. It briefly topped $70,200 on Binance before easing to about $69,870. Gold added roughly 0.6% to 1% and traded above $3,900 per ounce.
Reference points matter. TradingView data has BTC rebounding from a low near $69,000 and trading around $69,800, still down more than 3% on the day. Other measures put the post-print gain at roughly 1% to 1.35%.
Shorts take the hit
CoinGlass data shows $39.06 million of the $41.14 million liquidated in the hour after the release came from shorts. Over 24 hours, $1.42 billion in positions were liquidated, 83.4% of them longs.
On Hyperliquid, one trader opened a 750 BTC short 50 minutes before the data, according to Hyperbot. That position now sits under 2% from a forced exit.
Rate path
The PPI followed an October CPI report that rose 0.4% month over month against a 0.3% forecast. That print had lifted expectations of a 50 bp Fed hike in December. On Polymarket, odds of that outcome have now fallen to 6% from as high as 10%, with the chance of a 25 bp hike at 92%.
What it means
The beat is narrow. A tenth of a point is not a dramatic shift, and annual producer inflation of 6.5%, the highest in almost four years, leaves policymakers little room to ease. The annual rate also rose from 6.3% in September, so producer inflation did not actually cool. One month of data is a thin basis for calling a turn in consumer prices.
Other pressures remain: a stock market decline led by AI names, and MSCI's decision to remove Strategy from its global indexes. The PPI relief lifted BTC back over $70,000. The day's range, from below $67,600 to above $70,200, shows how little it takes to move the tape.
