Bitcoin (BTC/USD) spiked to $70,214 on Friday, November 13, minutes after U.S. producer prices for October came in softer than economists expected. The rally did not hold: by 15:00 UTC, the asset had slipped back to $68,838, below where it stood before the data crossed the wires.

According to 99Bitcoins' market report, the Producer Price Index (PPI), which tracks what businesses receive for their goods and services, rose 0.3% in October, against forecasts of a 0.4% increase. Core PPI, which strips out food and energy, climbed 0.3%, in line with expectations.

The print drew an immediate reaction. Analyst account Coin Bureau highlighted the moves in both bitcoin and gold in a post on X:

BULLISH: Bitcoin and gold SURGED after cooler-than-expected PPI release. $BTC jumps 1.35% breaking $70,000 GOLD increased 0.6% reaching over $3,900 The SOFTER reading could ease pressure for a larger 50 bps December Fed hike. pic.twitter.com/GDlGpmQPol

— Coin Bureau (@coinbureau) November 13, 2026

The post is available at: https://x.com/coinbureau/status/2121239637754864072?ref_src=twsrc%5Etfw

Bitcoin climbed 1.4% within five minutes of the release, and trading volume on Binance surged to roughly 15 times the pace recorded during the preceding hour.

The squeeze cut both ways. 99Bitcoins tallied forced liquidations on OKX and found $5.5 million of short positions wiped out in the first 10 minutes. Another $5.4 million of long positions followed as the price faded. The question now is what the print means for the Federal Reserve — and whether Bitcoin can hold its footing from here.

BTC USD Jumped 1.4% in Five Minutes: Shorts Burned First, Then Longs

The report landed at 8:30 a.m. ET, or 13:30 UTC. Bitcoin was changing hands at $69,246 just beforehand. Here is how the move unfolded, minute by minute:

• The spike: the first five-minute candle closed at $69,935, and the next one touched $70,214 — the highest price since early Friday morning.
• The volume: $52.3 million worth of BTC changed hands on Binance in those first five minutes, roughly 15 times the average of the hour before.
• The fade: by 14:00 UTC, Bitcoin was back below $69,500; by 15:00 UTC, it stood at $68,838.

99Bitcoins tracked forced closures — known as liquidations — in Bitcoin, Ether, Solana and XRP futures on OKX, one of the largest crypto exchanges. A liquidation occurs when an exchange force-closes a leveraged trader's position after the margin backing it runs out. When those closures cluster among short sellers during a rally, traders call it a short squeeze, a dynamic in which bets against a rising price are forcibly unwound and can add fuel to the move itself. Here is what the data showed:

• Before the data: just $30,000 was liquidated in the hour before 13:30 UTC.
• The first 10 minutes: $5.5 million of short bets — positions that profit when prices fall — were wiped out as Bitcoin jumped.
• The next 80 minutes: $5.4 million of long bets, which profit when prices rise, were flushed out as the gains faded.

The pattern suggests traders bought the headline and sold the details. Core prices matched forecasts, and headline producer prices, the all-in measure that includes food and energy, remain up 6.5% from a year earlier — the fastest pace since November 2022. The release was also the last inflation report before the Federal Reserve's next policy meeting on December 9. That timing is what gave the print its weight: Fed rate decisions set borrowing costs across financial markets, and the sizing question was live heading into the meeting, with Coin Bureau's post citing a possible 50-basis-point December hike — a basis point being one-hundredth of a percentage point, so 50 bps equals half a point.

Price Analysis: $70,000 Is the Wall

On the daily chart, where each candle covers one day, BTC USD trades at $68,874, down 3.6% in 24 hours. The price sits well below both of its exponential moving averages (EMAs), averages that give greater weight to recent prices. The 200-day EMA is at $76,326, with the 50-day EMA higher at $78,231 — leaving the trend still pointed downward.

Friday's daily candle opened at $71,460 and has fallen as low as $67,568. On this time frame, the PPI-driven spike to $70,214 registers only as a brief bounce inside a red daily candle.

The report flags the following levels:

• Resistance: $70,214, Friday's PPI high, followed by $72,727, Tuesday's low, which now caps rebounds.
• Support: $67,568, Friday's low and the lowest price since August; below that sits $64,166, the August double bottom — a pattern in which a level is tested and holds twice, and one chart readers often treat as a potential floor.

BTCUSDT 1D chart. Source: TradingView

The softer PPI gave bitcoin a quick lift, but sellers were waiting near $70,000. Until Bitcoin posts a daily close above that level, Friday's spike looks like a short squeeze within a downtrend that remains intact — a reminder of how quickly leveraged positioning can amplify a macro headline, and just as quickly unwind it. With the Fed's December 9 meeting the next fixed date on the macro calendar, the flagged levels above and below the price frame the terrain for the sessions ahead.