Bitcoin Price Hits $70K on Soft PPI: Why Did the BTC USD Rally Collapse?

Bitcoin (BTC USD) climbed to $70,214 on Friday, November 13, shortly after U.S. producer prices for October arrived cooler than anticipated. However, this momentum was short-lived. By 15:00 UTC, the cryptocurrency had retreated to $68,838, falling below its price level prior to the economic release.

The Producer Price Index (PPI), which measures corporate payouts for goods and services, increased by 0.3% in October, missing the 0.4% rise projected by economists. Meanwhile, core prices—excluding food and energy—advanced 0.3%, matching expectations precisely.

BULLISH: Bitcoin and gold SURGED after cooler-than-expected PPI release.$BTC jumps 1.35% breaking $70,000
GOLD increased 0.6% reaching over $3,900

The SOFTER reading could ease pressure for a larger 50 bps December Fed hike. pic.twitter.com/GDlGpmQPol

— Coin Bureau (@coinbureau) November 13, 2026

Triggered by the headline, Bitcoin advanced 1.4% within a five-minute window, while trading volume on Binance soared to roughly 15 times its rate from the preceding hour.

This volatility caught leveraged positions on both sides. Data compiled on forced closures across OKX revealed that $5.5 million in short bets were liquidated during the initial 10 minutes. As the rally quickly reversed, $5.4 million in long bets suffered the exact same fate.

What insights does the PPI offer regarding the Federal Reserve, and where is BTC USD headed next?

BTC USD Jumped 1.4% in Five Minutes on the PPI Print: Shorts Burned First, Then Longs

The report was published at 8:30 a.m. ET (13:30 UTC), with Bitcoin changing hands at $69,246 immediately beforehand.

• The spike: the opening five-minute candle finished at $69,935, while the subsequent candle reached $70,214, marking the highest valuation since early Friday morning.
• The volume: Binance processed $52.3 million in BTC transactions during those initial five minutes, representing roughly 15 times the average volume of the previous hour.
• The fade: Bitcoin dropped back beneath $69,500 by 14:00 UTC and slid to $68,838 by 15:00 UTC.

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Market analysts monitored forced closures—known as liquidations—affecting Bitcoin, Ether, Solana, and XRP futures on OKX, a major cryptocurrency derivatives platform. A liquidation occurs when an exchange forcibly closes a leveraged position after the trader depletes their margin.

• Before the data: a mere $30,000 was liquidated in the hour leading up to 13:30 UTC.
• The first 10 minutes: $5.5 million in short positions, which profit during market declines, were wiped out as Bitcoin surged.
• The next 80 minutes: $5.4 million in long positions, which profit during market advances, were liquidated as the initial gains evaporated.

This sequence suggests traders bought the initial news headline before selling off on the underlying details. Core inflation figures met projections, and producer prices remain up 6.5% year-over-year—marking the fastest expansion rate since November 2022. Furthermore, this served as the final inflation report ahead of the upcoming Federal Reserve meeting on December 9.

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BTC USD Price Analysis: $70,000 Is the Wall

On the daily timeframe chart, BTC USD trades at $68,874, reflecting a 24-hour decline of 3.6%. The asset remains positioned considerably beneath its exponential moving averages (EMAs), which assign greater significance to recent pricing data. The 200-day EMA sits at $76,326, while the 50-day EMA stands higher at $78,231, confirming a persistent downward trend.

Friday’s daily session opened at $71,460 and descended as low as $67,568. Consequently, the PPI-driven surge to $70,214 appears merely as a brief upward correction within an otherwise bearish red candle.

• Resistance: $70,214 (Friday’s PPI peak), followed by $72,727 (Tuesday’s low, which now acts as a ceiling for rebounds).
• Support: $67,568 (Friday’s trough and the lowest price point since August), followed by $64,166 (the August double bottom).

BTCUSDT 1D chart. Source: TradingView

While the cooler PPI reading provided BTC USD with a temporary boost, persistent sellers established a strong barrier at the $70,000 threshold. Unless Bitcoin secures a daily close above this boundary, Friday’s price spike will continue to look like a short squeeze contained within a broader downtrend.

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