Bitcoin (BTC) fell to $73,518 on Tuesday after U.S. inflation data came in above forecasts, leaving the largest cryptocurrency close to its lowest level since Aug. 21. The price briefly climbed back above $74,000 during the session but stayed within reach of that multi-month low.

The October Consumer Price Index rose 0.4% from September, topping the 0.3% forecast, while core CPI rose 0.3% against an expected 0.2%. The CPI tracks the average change in prices U.S. consumers pay for a basket of goods and services, and the year-on-year rate is normally the headline figure used to gauge inflation momentum. The report contained no year-on-year comparison because data was not collected during the 2025 government shutdown. Month-on-month growth did, however, cool from the 0.6% rise recorded in September.

According to the Bureau of Labor Statistics, energy prices rose 0.7% in October after a 5.2% jump in September. Shelter costs advanced 0.3%, and food prices gained 0.5%.

Fed Rate Hike Odds Shift Higher

Economist Robin Brooks called the details of the report “discouraging,” saying October marked the peak of the second oil price shock this year.

Fed governor Christopher Waller said earlier on Tuesday that he favors a 25-basis-point hike in December. Before the data was released, CME Group’s FedWatch tool showed a 96.3% chance of that outcome. After the report, the odds of a 25-basis-point move slipped to 85.3%, while a 50-basis-point hike drew 14.7%. Federal Reserve decisions are among the most influential macro events for crypto markets, because rate expectations shape the liquidity conditions that risk assets trade on.

U.S. equities also came under pressure. The Nasdaq Composite opened down 0.6% before recovering, and Nvidia fell nearly 4%. Trading resource Mosaic Asset Company noted that the equity put/call ratio jumped above 1.0 — a higher reading than during the April 2025 selloff — and said the move could point to a long-term bottom for the Nasdaq. Readings above 1.0 indicate put volume, often tied to hedging or bearish positioning, outpacing call activity.

Bitcoin Support Levels in Focus

Bitget analyst Lewis Huang flagged the 200-day moving average near $73,200 — a long-term trend indicator watched across both crypto and traditional markets — as a key support level, cautioning that a sustained move below it could raise the risk of a deeper pullback.

Analyst Daan Crypto Trades said bitcoin is trading at the point where several major higher-timeframe levels converge, including the Bull Market Support Band, the daily 200MA/EMA, and the yearly VWAP. In his view, $72,000 is the level to hold, with daily and weekly closes mattering most.

$BTC Here we are. Right at the level where all the major high timeframe levels come together. – Bull Market Support Band – Daily 200MA/EMA – Yearly VWAP – 2024 Summer range high/Big horizontal region – 0.5 & 0.618 Fib retracement levels from the move up I'd be surprised if this… pic.twitter.com/stsKIJBPVp

— Daan Crypto Trades (@DaanCrypto) November 10, 2026

Trader Heisenberg posted that the bitcoin chart shows three notable support confluences at current prices and told bulls it was time to buy.

$BTC Chart Update: 3 notable confluences of support right here, right now. Bulls, you know what to do. Buy. pic.twitter.com/OlUThSJjTY

— Heisenberg (@Mr_Derivatives) November 11, 2026

Matt Mena of 21Shares noted that $73,000 sits near bitcoin’s pre-election 2024 all-time high and its April 2025 lows. A sustained break below that zone could send BTC toward $69,000, close to the 2021 cycle high. Mena also pointed to the 50-week moving average as support; a break there could put pressure on Ethereum’s $2,000 level, with $1,800 the next one to watch.

If $73,000 holds, 21Shares sees a possible retest of $78,000, with $85,000 within reach by year-end. November has historically been a strong month for bitcoin, which has averaged a 34.4% return since 2010, with a median gain of 8.6%.

Paul Howard of Wincent said derivatives and hedging tools are reshaping bitcoin’s volatility profile. In his assessment, without a shift in policy, regulation, or institutional flows, a gradual downward drift is more likely than a rally toward $100,000.

Ether fell 3.7% to $2,042, and Solana dropped more than 4% to trade below $83. Bitcoin was changing hands at $73,363, down 1.6%, at the time of reporting.

This article was originally published by CoinCentral.