Last night, the US released its October CPI data, which exceeded expectations. Upon the release of the data, US stocks and gold fell simultaneously, and Bitcoin also dropped from $74,000 to $72,700. In the short term, Bitcoin remains bearish, with the following core logic: (1) The rise in CPI indicates that inflationary pressure remains high, and a December interest rate hike is almost a certainty. Once the rate hike is implemented, US Treasury yields will rise, and funds will flow to safer US Treasuries, putting downward pressure on Bitcoin prices. (2) Anthropic plans an IPO next week, raising over $60 billion with a valuation target of $1.4 trillion. Such a large-scale financing will draw away a significant amount of existing funds in the market, diverting funds from risky assets such as BTC. (3) The K-line has fallen below $74,000, and yesterday's closing price was also below the 20-day moving average, indicating a short-term downtrend. It is recommended to wait for the price to stabilize before considering buying spot Bitcoin!