Why is Bitcoin price down today? Hot CPI triggers $723M liquidations

Bitcoin price has fallen nearly 2% to $73,700 over the past 24 hours after hotter-than-expected US inflation data added pressure to an already struggling cryptocurrency market, triggering hundreds of millions in leveraged liquidations. Bitcoin price dropped 2% to $73,700 as October US inflation exceeded economists' expectations. US headline CPI rose 0.4%, while core inflation climbed 0.3%, renewing concerns over Federal Reserve rates. Crypto liquidations reached $723.37 million, with approximately $570 million coming from leveraged long positions. Analyst Ali Martinez reported that Bitcoin whales reduced their holdings by more than 34,000 BTC. Bitcoin price faces technical support near $72,700, while reclaiming $75,000 remains an important recovery level. According to the Bureau of Labor Statistics, consumer prices rose 0.4% in October, exceeding economists' expectations of 0.3%.

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