Bitcoin

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) fell toward $71,000 at the Oct. 31 Wall Street open as United States macro data failed to reignite BTC price upside.
<figure><img alt="Bitcoin wipes $500M open interest as BTC price drops toward key $70K" src="https://s3.cointelegraph.com/uploads/2024-10/0192e2ee-d20e-7f7a-9bf6-d2022f7d0d24" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="br-bitcoin-shrugs-off-pce-nothing-burger"> Bitcoin shrugs off PCE “nothing burger”</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="null" text="null" title="null">TradingView</a> showed an ongoing retracement for BTC/USD, which was down 1.6% on the day.
The September print of the Personal Consumption Expenditures (PCE) index fell broadly in line with expectations, and while not delivering any volatility curveballs, crypto markets appeared in no mood to celebrate.
“Both core PCE and CPI inflation remain elevated and stubborn,” trading resource The Kobeissi Letter <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1851965381843243421" rel="noopener noreferrer nofollow" target="null" text="null" title="null">wrote</a> in part of a response on X.&nbsp;
<blockquote>
 “The ‘Fed pivot’ is being delayed again.”
</blockquote>
Kobeissi referred to the possible rate of interest rate cuts by officials, with the next decision on doing so due on Nov. 7.
The latest data from CME Group’s <a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="noopener noreferrer nofollow" target="null" text="null" title="null">FedWatch Tool</a> showed market bets unchanged after the latest data, with 96% odds of a 0.25% cut next week.
<figure><img alt="Bitcoin wipes $500M open interest as BTC price drops toward key $70K" src="https://s3.cointelegraph.com/uploads/2024-10/0192e2ea-18c2-7e23-8d7e-f5250df25e1d" title="">
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 Fed target rate probabilities. Source: CME Group
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Continuing, trader, analyst and entrepreneur Michaël van de Poppe argued that the real chance for volatility would come with US nonfarm payrolls figures on Nov. 1.
“Big nothing burger on the data, so all eyes are on tomorrow,” he <a data-ct-non-breakable="null" href="https://x.com/CryptoMichNL/status/1851965311139942522" rel="noopener noreferrer nofollow" target="null" text="null" title="null">told</a> X followers.
<blockquote>
 “Yields are slowly going upwards, through which we're waiting for the official unemployment rate data to see whether we can get volatility on $BTC &amp; $ETH.”
</blockquote>
<h2 id="br-btc-price-squeezes-longs-into-monthly-close"> BTC price squeezes longs into monthly close</h2>
Analyzing exchange order book behavior, trading resource Material Indicators <a data-ct-non-breakable="null" href="https://x.com/MI_Algos/status/1851960723129119026" rel="noopener noreferrer nofollow" target="null" text="null" title="null">noted</a> that Bitcoin whales had spent the past 24 hours reducing BTC exposure.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-new-fomo-top-bitcoin-etf-inflows-1b-daily" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC price risks new 'FOMO' top as Bitcoin ETF inflows near $1B daily</a>
This contrasted to the week prior, as <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/most-bullish-weekly-close-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Cointelegraph reported</a>, which was characterized by accumulation across whale cohorts.
“Large amount of longs being unwound,” popular commentator Daan Crypto Trades <a data-ct-non-breakable="null" href="https://x.com/DaanCrypto/status/1851987798682673277" rel="noopener noreferrer nofollow" target="null" text="null" title="null">added</a> in part of an X post about the current move down.
<blockquote>
 “Over $500M+ in Open interest already gone on a price move of just -2%.”
</blockquote>
<figure><img alt="Bitcoin wipes $500M open interest as BTC price drops toward key $70K" src="https://s3.cointelegraph.com/uploads/2024-10/0192e2ea-c6a6-7615-94ba-693296dccfc9" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with open interest data. Source: Daan Crypto Trades/X
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Daan Crypto Trades predicted that the market was “only going to get more volatile from here on out and into next week.”
The latest data from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" rel="noopener noreferrer nofollow" target="null" text="null" title="null">CoinGlass</a> revealed price eating through bid-side liquidity on its way toward $70,000.&nbsp;
With hours to go until the October candle close, BTC/USD nonetheless remained up by more than 13% month-to-date.
<figure><img alt="Bitcoin wipes $500M open interest as BTC price drops toward key $70K" src="https://s3.cointelegraph.com/uploads/2024-10/0192e2ec-b401-74e5-8ea1-8a0d30f86059" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
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</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin wipes $500M open interest as BTC price drops toward key $70K

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