Bitcoin fell to around $68,500 on Friday, hitting its lowest price in 12 weeks. This decline erased much of the late-summer recovery and pushed the cryptocurrency down 4.5% over 24 hours. The price remains 16% above its late-June low near $59,000, but it sits 21% below the autumn peak of $86,000.
Fed inflation concerns drive selling
Chicago Federal Reserve President Austan Goolsbee warned Friday that inflation spread beyond energy and tariffs to include services, medical costs, and AI data center demand. "Are we on a path back to 2%? My feeling right now is we are not and we’ve got to deal with that," Goolsbee said. On Tuesday, Fed Governor Christopher Waller supported raising interest rates by at least 25 basis points at the December 8-9 meeting. He noted that if October CPI inflation data shows core CPI at 0.3% or higher, a stronger policy move may be needed. The subsequent report showed core CPI rose exactly 0.3%, exceeding the 0.2% forecast.
| Metric | Value |
|---|---|
| BTC 24h change | -4.5% |
| BTC weekly change | -9.5% |
| October wholesale prices (YoY) | 6.5% |
| ETF outflows (Nov 5-12) | $1.49 billion |
ETF outflows and technical weakness
U.S. spot Bitcoin ETFs registered six consecutive sessions of net outflows totaling approximately $1.49 billion between November 5 and November 12. Thursday saw a $47.7 million withdrawal, extending the five-day outflow streak. Bitcoin’s daily RSI dropped to 25.4, while the average directional index stands at 25.3. Immediate support sits at $67,650, but losing this level could expose support near $64,000. To challenge resistance between $74,355 and $75,937, Bitcoin needs to recover $70,815 and $72,775.
