Bitcoin Stuck Near $75,000 as Stocks Rebound Without It

Bitcoin is trading at about $74,800, unable to hold above $75,000 even as US stocks bounced back strongly. On Monday, November 9, the S&P 500 rose 2.35% and the Nasdaq 3.4%. Bitcoin finished the day slightly lower.

Ether is trading near $2,100.

Why it matters

Investors rushed back into stocks after a sharp sell-off, but not into crypto. That suggests buyers are still cautious about Bitcoin, and the next move may depend on new news rather than on the stock market.

A rough week

Last week was one of heavy selling across markets. On November 5, sellers in the US stock market outnumbered buyers five to one, and the main chip-stock index fell 12.3%.

Bitcoin lost 4.4% over the week. Investors pulled $1.28 billion out of US spot Bitcoin ETFs — funds that let people own Bitcoin through a regular brokerage account.

On Monday, when Bitcoin briefly dropped below $74,000, about $1.2 billion of leveraged bets were forcibly closed. Around $1 billion of that came from traders betting on a rise.

Bitcoin also ended the week below its 50-week moving average — its average price over the past year — for the first time in two months. Many traders treat that line as a sign of the longer trend.

The mood is gloomy: the Crypto Fear & Greed Index stands at 32, in "fear" territory.

What's next

The US releases its October inflation data today, November 10. Higher-than-expected inflation would make an interest rate rise more likely, which usually weighs on Bitcoin. Markets already see an 84% chance that the Federal Reserve raises rates on December 9.