According to Woofun AI, the stronger-than-expected rise in the U.S. October Consumer Price Index (CPI) directly triggered a broad risk-off selloff across the digital asset market, sending Bitcoin's price tumbling rapidly toward the critical $73,000 support level.
The unexpected uptick in this macroeconomic data not only intensified market worries that the Federal Reserve might raise interest rates further, but also dragged major cryptocurrencies lower in unison, plunging the entire crypto market into violent turbulence amid the twin pressures of shrinking liquidity and leveraged liquidations.
Looking at the broader market performance, CoinMarketCap statistics show that on the 10th (local time) the total global digital asset market capitalization fell to $2.44 trillion, down 2.23% from the previous day; trading volume during the same period shrank to $804.36 billion, a decline of 17.69%.
Bitcoin's market cap dominance held at 60.4%, reflecting a safe-haven preference for capital concentrating in top-tier assets.
As for individual major assets, BTC was quoted at $73,550.30, down 1.79% on the day; ETH stood at $2,047.97, with its decline widening to 3.85%; BNB dropped to $674.74, down 2.06%; and XRP traded at $1.06, down 2.94%.
Altcoins performed even more weakly, with SOL falling 4.30% to $83.12, HYPE down 4.48% to $71.76, ZEC plunging 12.44% to $1,027.15, and DOGE slipping 3.63% to $0.06751.
Notably, TRX bucked the trend with a 0.33% gain to $0.3175, making it one of the few assets holding firm.
Data compiled by Woofun AI shows instability in the derivatives market continues to build, with total open interest rising 6.14% to $345.14 billion; over the past 24 hours, market liquidations reached as much as $655.36 million, of which long positions accounted for $535.13 million in liquidated value.
This divergence of falling prices alongside rising leveraged positions hints at the potential for further liquidation risk.
Institutional capital flows and analysts' technical assessments form another main thread in the current market battle.
Digital asset analyst Ted Pillows pointed out on the X platform that institutional investors are heavily selling BTC on the Coinbase (COIN.US) platform, signaling possible larger-scale outflow pressure ahead.
At the same time, several analysts offered judgments on BTC's short-term trajectory from different angles.
CryptoReviewing stressed that BTC has oscillated for three consecutive days within the $73,000 to $75,000 support range, and that if the daily closing price falls below $73,000, downside risk will increase significantly.
CryptoMichNL argued that although the CPI data was bearish, BTC's reaction was relatively restrained; however, the downtrend has yet to reverse, and only after the price re-establishes a key support range can a rebound signal be confirmed.
Media outlet Coinpedia further refined the technical levels, noting that the next important support sits at $71,800, while $69,000 is a deep support zone deserving close attention; if a bullish divergence signal appears on the 12-hour chart, BTC could stage a short-term rebound between $76,500 and $77,000.
In addition, analyst Van de Poppe predicted that BTC and altcoins have already begun to diverge in their trajectories, and that once BTC bottoms out and stabilizes, the altcoin sector could see a strong rally.
The Fear and Greed Index, which reflects market sentiment, currently reads 25, still in "fear" territory, indicating investor confidence has yet to recover.
Market focus has now shifted entirely to whether BTC can defend the critical $73,000 line and how open interest will evolve.
If macroeconomic data keeps applying pressure and leveraged liquidations fail to clear out effectively, the market could face a deeper correction; conversely, if institutional selling pressure eases and technical divergence signals emerge, a short-term rebound window may open.
This phase of volatility is essentially a fierce collision between revised macroeconomic expectations and the fragility of the market's internal leverage structure.
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