Hotter CPI gives Bitcoin sellers another pushBitcoin was trading near $74,300 ahead of the US CPI release and fell to around $73,500 in the minutes that followed. That put it down about 2% from Monday’s close in early US trading.Headline CPI rose 0.4% versus 0.3% expected, while core CPI rose 0.3% versus 0.2% expected. The market was already pricing in a 25-basis-point hike in December, and the stronger numbers brought a 50-basis-point move more into play. The US 2-year yield rose about 19 basis points to 4.74%, the 10-year yield climbed 13 basis points to 4.991%, and the dollar moved higher. That combination added to the pressure on Bitcoin.ETF outflows had already put Bitcoin on the defensiveUS spot Bitcoin ETFs recorded $201 million in net outflows on Monday, the third straight session of withdrawals. Sellers already had the upper hand heading into the CPI release.The 200-day moving average is the barometerRecall that Bitcoin came within a few hundred dollars of its 200-day moving average on both Sunday and Monday. The price bounced on Monday, but that rally had a limit. It stalled near $75,480, inside the swing area between $74,925 and $76,052.Today’s rotation lower has taken Bitcoin above and below its 200-day moving average at $73,134. The price reached a low of $72,787 and is trading at $73,092 at the time of writing, just below the moving average.If buyers can get and stay back above $73,134, they would take some of the immediate pressure off. From there, the next upside target is $74,925, the lower end of the swing area where Monday’s rally stalled.What would give sellers more control?The next downside target is $72,554, the 50% midpoint of the rally from the early July low to the September high. If sellers can keep the price below the 200-day moving average and get and stay below that midpoint, they would have more control.Below the midpoint, there is little obvious support before the 61.8% retracement at $69,057.In the video above, I walk through the technicals driving Bitcoin and outline the levels buyers and sellers are watching next.Trading education. Watch what happens after the breakWhen the price keeps crossing a moving average, the next retest can tell you which side is gaining control. If a bounce stalls below $73,134, sellers have a nearby level to lean against while they look for a test of $72,554. If buyers reclaim the moving average and hold it on a pullback, the move below it starts to look like a failed break. Either way, the retest gives traders a clear level for defining risk. This article was written by Greg Michalowski at investinglive.com.