Bitcoin has been squeezed by both macroeconomic sentiment and turmoil in technology stocks, sliding toward the $71,000 threshold and marking a fresh low in roughly three months, according to Woofun AI.
This pronounced downward trajectory is not an isolated event, but rather the result of systemic weakness in the U.S. technology sector triggered by the sudden resignation of NVIDIA (NVDA.US) CEO Jensen Huang, compounded by surging international crude oil prices and rising U.S. Treasury yields. In the digital asset space, a wave of large-scale forced liquidations erupted, while the upcoming U.S. Producer Price Index (PPI) data has become a key variable determining the market's next direction.
Looking at specific trading data, as of 8:01 a.m. on the 13th, the BTC price on South Korean digital asset exchange Upbit fell 3.68% from 9 a.m. the previous trading day to 96.64 million Korean won; on Binance, the world's leading exchange, the BTC price dropped 3.43% from 24 hours earlier to $71,421. Other major tokens also came under pressure, with ETH falling 2.02% to $2,016 and XRP declining 1.63% to $1.04. Woofun AI on-chain data shows that over the past 24 hours, total BTC position liquidations amounted to approximately $275.33 million, of which as much as 96.2% (roughly $275.36 million) were forced closures of long positions; total liquidations across the entire market reached approximately $661.68 million.
BTC briefly fell below $72,000 during the previous trading session, hitting its lowest level since August 20, and has declined more than 7% so far this month. This negative feedback loop, in which stock market turmoil spills over into the crypto market, has seen cascading liquidations triggered by price declines further amplify selling pressure.
The core trigger of this market turmoil points directly to uncertainty surrounding Nvidia's business outlook. Against the backdrop of privacy controversies and external compliance investigations, Jensen Huang suddenly resigned as CEO, causing Nvidia's stock price to plunge approximately 13% immediately after the New York market opened. Although Nvidia subsequently appointed Chief Financial Officer Colette Kress as interim CEO and launched a search for a successor, and the stock recovered somewhat during the session, it ultimately closed with a loss of more than 4%. By comparison, the S&P 500 fell 0.4% and the Nasdaq 100 dropped 0.3%, while Nvidia's competitors Broadcom (AVGO.US) and AMD (AMD.US) saw their shares rise more than 5% against the trend, highlighting divergence within the artificial intelligence sector.
Meanwhile, bearish factors at the macroeconomic level are also accumulating. U.S. President Donald Trump hinted he might abandon an agreement with Iran, intensifying market concerns about disruptions to Middle Eastern oil supplies, and Brent crude surged more than 3% to break above $95 per barrel. The previously released U.S. October Consumer Price Index (CPI) came in above market expectations, and combined with rising oil prices, further fueled inflation worries. As expectations for Federal Reserve rate hikes intensify, the U.S. 2-year Treasury yield rose 14 basis points and the 10-year Treasury yield rose 13 basis points, while a strong dollar weakened investor confidence in risk assets.
From a technical perspective, BTC has once again fallen below the 21-week simple moving average, which is regarded as an important trend indicator. As of the 11th, this moving average stood at approximately $73,078, and since BTC has failed to reclaim this support level, further price gains face considerable resistance in the near term.
Market attention is currently focused intently on the U.S. PPI data due to be released today. Given that October CPI rose more than expected, concerns about further Federal Reserve rate hikes continue to build, and the PPI data will directly influence interest rate trends and BTC price direction. MaterialIndicators co-founder Keith Allen predicts that if PPI comes in below expectations, the likelihood of significant rate hikes in December and next January would decrease, and market trends could turn upward; if PPI meets expectations, BTC prices may oscillate and consolidate within the price range where exchange buy and sell orders are concentrated. This marks another instance, following the chain reaction triggered by a leadership change at a technology bellwether, in which macroeconomic data has once again become the core force driving short-term fluctuations in the crypto market.
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