Key Notes
- Bitcoin briefly reached $70,141.87 after the US PPI release before retreating below $70,000.
- October producer prices rose 0.3% versus a 0.4% forecast, with September revised to 1.4%.
- Annual producer inflation accelerated to 6.5%, complicating the outlook despite the softer monthly headline.
Bitcoin briefly climbed above $70,000 on Friday after US producer inflation came in below expectations, offering a short-lived recovery from the week’s steep cryptocurrency selloff.
The move faded within minutes. Coinbase trading data showed BTC reaching $70,141.87 at 13:38 UTC on November 13, eight minutes after the inflation release. By 14:09 UTC, it was back near $69,250, while Kraken quoted approximately $69,290.
Producer Prices Rise Less Than Expected
The BLS report showed the Producer Price Index for final demand increasing 0.3% in October from the previous month, on a seasonally adjusted basis. The median forecast in a Dow Jones survey of economists was 0.4%.
September’s increase was revised upward to 1.4% from the initially reported 1.3%. October therefore marked a sharp slowdown in the monthly pace, although prices continued to rise.
The annual comparison was less reassuring. Producer inflation accelerated to 6.5% from September’s 6.3%, reaching its highest rate since November 2022.
Goods prices increased 0.5%, while services rose 0.2%. Food became more expensive, but a small decline in energy prices helped restrain the overall monthly increase.
Underlying Inflation Still Complicates the Outlook
As MarketSpeaker’s PPI breakdown explains, the underlying measures also gave a mixed picture. Prices excluding food and energy rose 0.3% for the month and 5% over the year.
A separate measure that also removes trade services increased 0.5% for a second consecutive month. Its annual gain eased to 4.9%, but the monthly pace showed that pressure persisted beyond the headline categories.
The figures followed Tuesday’s consumer inflation report, when headline prices rose 0.4% and core prices increased 0.3%. Both exceeded forecasts by 0.1 percentage point.
That sequence leaves investors weighing a better-than-expected producer-price headline against continuing inflation pressures. It does not establish a sustained cooling trend or settle the Federal Reserve’s next interest-rate decision.
Bitcoin Gives Back Its Initial Rebound
The recovery followed an earlier selloff that pushed Bitcoin below $69,000 and ether beneath $1,950. Bitcoin’s rolling 24-hour low on Coinbase was $67,555, with Kraken recording a low near $67,500.
At the 14:09 UTC check, Bitcoin remained approximately 2.5% above its Coinbase low, but roughly 3.2% below its 24-hour opening price. The bounce had recovered only part of the preceding decline.
Immediately before the release, Bitcoin closed the 13:29 UTC minute at $69,244 on Coinbase. The subsequent peak represented a gain of about 1.3%, nearly all of which had disappeared by the later price check.
The return below $70,000 also limits what can be inferred from the first reaction to PPI. Softer monthly data coincided with an immediate advance, but buyers had not held that level in the subsequent trading. A brief move through a round-number threshold was followed by renewed selling rather than a sustained recovery.
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