Bitcoin trims early gains, trades below $74,500 as investors await US inflation data
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- ✓Bitcoin traded below $74,500 on November 10 after early gains faded.
- ✓The price fell 0.71 percent as investors watched for US inflation data.
- ✓Nischal Shetty said, "Bitcoin continued consolidating after its recent decline." Many crypto ETFs saw net outflows, but markets found support from a recovery in global equities.
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- Indian Markets
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- Moneycontrol
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- 2 Minute(s)
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Bitcoin surged near $75,231 in early trading on November 10, but quickly trimmed those gains to trade just above $74,443, down 0.71 percent over the past 24 hours and 2.86 percent in a week, as crypto markets erased post-election gains amid a sell-off in US tech and AI stocks.
However, crypto markets found support from a broader recovery in global equities, falling energy prices, and a weaker dollar, even as institutional fund withdrawals and elevated Treasury yields kept participation measured.
"Bitcoin continued consolidating after its recent decline. Immediate support sits at $74,300-$74,800, followed by $73,100-$73,300. Resistance remains at $76,300-$76,500. Holding the first support region could help stabilise the structure, while reclaiming resistance may strengthen participation. A loss of support would bring the secondary zone back into focus," Nischal Shetty, Founder of WazirX, said.
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