HTX analyst says broad liquidation may limit Bitcoin’s near-term downside

HTX chief analyst Cloud said Bitcoin fell to around $73,000 after the latest U.S. inflation data, but argued near-term room for additional downside appears limited as a significant share of leveraged positions has already been liquidated. Cloud said the likelihood of a 50-basis-point Federal Reserve rate hike in December is low, with a 25-basis-point increase as the base-case scenario. The recent market decline reflects a repricing of hotter-than-expected inflation data rather than a sharp shift in the monetary policy path, Cloud said. Still, Cloud stressed oversold conditions do not necessarily signal an immediate rebound, adding the case for a market recovery could strengthen if slowing CPI is confirmed over the next two months.