Bitcoin in Limbo as Stocks Rebound Ahead of US Inflation Report

What happened: Bitcoin rebounded to $74,559 after touching a two-month low, as U.S. stocks rose and oil fell ahead of the October consumer price index report. Key numbers: S&P 500 up 1.9%, Nasdaq up 2.2%, Brent crude down 4.3% to about $94. Bitcoin up 0.7% at $74,559. $1.2 billion in 24-hour liquidations, $324 million in Bitcoin positions, nearly 87% longs. Why it matters: The liquidation wave was driven mostly by long positions, and Bitcoin trades below its faster weekly average with a narrowing gap to the slower one, which the content says raises the possibility of a death cross.

Bitcoin rebounded to $74,559 after touching a two-month low, as U.S. stocks rose and oil fell ahead of the October consumer price index report.

The liquidation wave was driven mostly by long positions, and Bitcoin trades below its faster weekly average with a narrowing gap to the slower one, which the content says raises the possibility of a death cross.