Bitcoin traded modestly higher on Wednesday, changing hands at $74,213 as of 17:04 GMT, a gain of 0.7% from its daily open of $73,699, according to Kraken data. The session range ran from a low of $73,114 to a high of $74,400, following a 24-hour trough of $72,585.
The move higher offered partial recovery from Tuesday's selloff, which was triggered by a hotter-than-expected US inflation reading. Bitcoin remains below Monday's close of $75,223, leaving the $75,000 area as nearby resistance.
Broader crypto market recovers modestly
Other major digital assets also edged up, though none of the moves reached 5%. Ether changed hands at $2,077, up 1.3% from its UTC open of $2,051. XRP traded at $1.072, up 1.6%, after recovering from earlier weakness. Solana gained 2.1% to $84.95, while Dogecoin added 1.6% to $0.06905.
Inflation data weighs on sentiment
Tuesday's US consumer price index rose a seasonally adjusted 0.4% in October, above the 0.3% consensus compiled by Dow Jones, according to the Bureau of Labor Statistics. Core CPI increased 0.3% versus forecasts of 0.2%. The BLS did not publish an annual rate because last year's government shutdown prevented it from collecting October 2025 data.
The upside surprise in inflation lifted expectations for tighter Federal Reserve policy. A quarter-point rate hike at the Fed's December 8-9 meeting is now widely priced in by markets.
ETF outflows extend to a fourth session
Institutional flows continued to act as a headwind. US spot Bitcoin ETFs recorded $95 million of net outflows on Tuesday, a fourth consecutive trading day of withdrawals, according to Farside Investors data. BlackRock's iShares Bitcoin Trust led redemptions with $78.2 million, while Fidelity's FBTC saw $36.8 million leave. Morgan Stanley's MSBT was a rare positive, taking in $20.0 million. Over the four sessions from November 5 to November 10, outflows totaled roughly $1.14 billion.
US spot Ether ETFs saw a much smaller $1.3 million of net outflows on Tuesday, following $184.6 million of withdrawals on Monday, Farside data showed.
Liquidations amplify Tuesday's decline
Forced selling added pressure during Tuesday's drop. Crypto futures liquidations reached approximately $725 million in the 24 hours surrounding the inflation print, according to CoinGlass data.
What to watch next
Bitcoin has held above the mid-$72,000 region and is pressing toward Wednesday's high of $74,400. The $75,000 level, near Monday's close, remains the immediate resistance. A renewed break lower would bring the psychological $70,000 mark back into view.
US producer price data is due on Friday, offering another read on inflation pressures. US bond markets were closed on Wednesday for Veterans Day.
This article is for informational purposes only and does not constitute financial advice.
