Bitcoin traded below $75,000 early on Tuesday, 10 November, as markets awaited the October consumer price index report scheduled for later the same morning.

Available spot quotes placed Bitcoin at $74,870.69 at 02:12 UTC on Tuesday, and market data showed it at $74,554 at 04:12 UTC, after opening the day at $75,000. The previous day's close was $74,899.67, with the 9 November session ranging between $73,750 and $75,599.

Crypto lags Wall Street rally

Crypto markets notably underperformed equities. The S&P 500 rose 2.35% and the Nasdaq Composite 2.74% on Monday, its best day since April, while Bitcoin hovered around $75,000 and ether traded near $2,135, failing to follow shares higher, according to KuCoin's daily market report.

Ether stood at $2,135.24, up 0.36% on the day, while the crypto fear and greed index read 32, up from 29 the day before.

ETF outflows weigh on sentiment

Spot Bitcoin exchange-traded funds saw $411.9 million in net outflows on 6 November and $1.28 billion for the full week, according to data cited by PANews from a Bitfinex Alpha report. Analysts noted that Bitcoin's rebound from above $75,600 to around $73,400 on 9 November, and back to about $75,500, lacked spot demand.

On-chain data also pointed to caution among large holders. CryptoQuant data showed that the exchange whale ratio has repeatedly risen above 0.4 since late October, indicating a greater concentration of large deposits on exchanges, although that alone does not prove that whales have sold.

Inflation data is the next test

The US Bureau of Labor Statistics scheduled the October 2026 consumer price index release for 8:30 a.m. ET (13:30 UTC) on Tuesday. Economists surveyed by Dow Jones expect overall prices to have risen 0.3% in the month and core prices 0.2%, after September's readings of 0.6% and 0.3%.

Bitcoin has spent three sessions pinned near $75,000. It closed at $75,867.59 on 7 November, $74,851.44 on 8 November and $74,899.67 on 9 November, according to Binance market data, after touching a low of $73,750 during Monday's session. The coin is down about 7% over five sessions and about 10% over the past month.

Traders will watch the figures for clues about the Federal Reserve's next move after strong jobs figures kept talk of a December rate rise alive. Bitcoin needs to hold $75,000 and reclaim $76,000 before a sustained rebound becomes more likely, according to KuCoin's daily market report.

This article is for information only and is not investment advice. Crypto assets are highly volatile.