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

Bitcoin (BTC USD) jumped to $70,214 on Friday, November 13, minutes after U.S. producer prices for October came in softer than expected. The move did not last. By 15:00 UTC, Bitcoin had slipped back to $68,838, below where it stood before the data.

The Producer Price Index (PPI), which tracks what businesses get paid for their goods and services, rose 0.3% in October. Economists had expected 0.4%. Core prices, which leave out food and energy, rose 0.3%, in line with forecasts.

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

Bitcoin climbed 1.4% in five minutes on the headline, and trading volume on Binance hit about 15 times its pace from the hour before.

The squeeze cut both ways. We added up forced closures on OKX and found $5.5 million of short bets wiped out in the first 10 minutes. Then $5.4 million of long bets went the same way as the price faded.

So what does the PPI tell us about the Fed, and where does BTC USD go from here?

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

The report landed at 8:30 a.m. ET, or 13:30 UTC. Bitcoin was trading at $69,246 just before.

• The spike: the first five-minute candle closed at $69,935, and the next one touched $70,214, the highest price since early Friday morning.
• The volume: $52.3 million of BTC changed hands on Binance in those first five minutes, about 15 times the average of the hour before.
• The fade: by 14:00 UTC, Bitcoin was back below $69,500. By 15:00 UTC, it was at $68,838.

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We tracked forced closures, called liquidations, in Bitcoin, Ether, Solana and XRP futures on OKX, one of the largest crypto exchanges. A liquidation is a position force-closed by the exchange when a leveraged trader runs out of margin.

• Before the data: just $30,000 was liquidated in the hour before 13:30 UTC.
• The first 10 minutes: $5.5 million of short bets, which profit when prices fall, were wiped out as Bitcoin jumped.
• The next 80 minutes: $5.4 million of long bets, which profit when prices rise, were wiped out as the gains faded.

The pattern suggests traders bought the headline and sold the details. Core prices matched forecasts, and producer prices are still up 6.5% from a year ago, the fastest pace since November 2022. This was also the last inflation report before the Federal Reserve meets on December 9.

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

On the daily chart, where each candle covers one day, BTC USD trades at $68,874, down 3.6% in 24 hours. It sits well below both of its exponential moving averages (EMAs), averages that give recent prices more weight. The 200-day EMA is at $76,326 and the 50-day EMA higher at $78,231, so the trend is still pointing down.

Friday’s daily candle opened at $71,460 and has dropped as low as $67,568. On this chart, the PPI spike to $70,214 is only a brief bounce inside that red candle.

• Resistance: $70,214, Friday’s PPI high, then $72,727, Tuesday’s low, which now caps rebounds.
• Support: $67,568, Friday’s low and the lowest price since August. Below that, $64,166, the August double bottom.

BTCUSDT 1D chart. Source: TradingView

The softer PPI gave BTC USD a quick lift, but sellers were waiting at $70,000. Until Bitcoin closes a day above that level, Friday’s spike looks like a short squeeze inside a downtrend.

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