According to Woofun AI, the increase in the US consumer price index (CPI) in October exceeded market expectations, directly triggering a full-scale safe-haven sell-off in the digital asset market, and the price of Bitcoin quickly fell back near the key support level of $73,000.
This unexpected rise in macro data not only heightened market concerns that the Federal Reserve might raise interest rates further, but also caused mainstream cryptocurrencies to weaken at the same time, and the entire crypto market fell into sharp turmoil under the double pressure of liquidity contraction and leveraged liquidation.
Looking at the overall market performance, CoinMarketCap statistics show that on the 10th (local time), the total global digital asset market value fell to 2.44 trillion US dollars, down 2.23% from the previous day; trading volume shrank to US$804.36 billion during the same period, a decrease of 17.69%. Bitcoin's share of the market capitalization remained at 60.4%, showing the safe-haven characteristics of capital being concentrated in leading assets. Specifically, the price of BTC was $73,550.30, down 1.79% in a single day; the price of ETH was $2,047.97, extending the decline to 3.85%; BNB fell to $674.74, down 2.06%; and the price of XRP was $1.06, down 2.94%. The altcoin sector showed even weaker performance, with SOL falling 4.30% to $83.12, HYPE falling 4.48% to $71.76, ZEC plummeting 12.44% to $1,027.15, and DOGE falling 3.63% to $0.06751.
Notably, TRX bucked the trend and rose 0.33% to $0.3175, becoming one of the few assets that remained strong. According to data compiled by Woofun AI, the unstable situation in the derivatives market continues to ferment, and the overall value of open contracts increased to US$345.14 billion, an increase of 6.14%; in the last 24 hours, the market liquidation amount reached US$655.36 million, of which the liquidation value of long positions was US$50513 million.
This divergence between falling prices and increasing leveraged positions suggests a potential risk of further liquidation.
The flow of institutional capital and analysts' technical research and judgment form another main line in the current market game. Digital asset analyst Ted Pillows pointed out on the X platform that institutional investors are selling BTC in large numbers on the Coinbase (COIN.US) platform, which indicates that there may be greater pressure on capital outflows in the future.
At the same time, several analysts have given different dimensions of judgment on the short-term trend of BTC. CryptoReview emphasized that BTC has been fluctuating within the support range of $73,000 to $75,000 for three consecutive days, and the downside risk will increase significantly if the daily closing price falls below $73,000. CryptoMichnl, on the other hand, believes that despite poor CPI data, BTC's reaction is relatively restrained, but the downward trend has not been reversed, and the rebound signal can only be confirmed once the price re-establishes the key support range. The Coinpedia media further refined the technical points, pointing out that the next important support level is at $71,800, while $69,000 is a deep support area to focus on; if there is an upward divergence signal on the 12-hour chart, BTC is expected to rebound in the short term between $76,500 and $77,000.
Furthermore, analyst Van de Poppe predicts that the trend of BTC and altcoins has begun to diverge, and once BTC bottoms out and stabilizes, the altcoin sector may experience a strong rebound.
The current “Fear and Greed Index”, which reflects market sentiment, recorded 25 and is still at the “fear” level, indicating that investor confidence has yet to recover. The market focus has been entirely on whether BTC can hold the $73,000 critical line of defense and the evolving trend of open contracts. If macroeconomic data continues to be pressured and leverage liquidation fails to be effectively cleared, the market may face a deeper correction; conversely, if institutional pressure is relieved and there are signs of divergence in technology, a short-term rebound window may open.
This phase of fluctuation is essentially a sharp collision between the correction of macro-expectations and the fragility of the market's internal leverage structure.