Bitcoin Price Prediction: Here’s How Inflation Data Today Can Push BTC Beyond $89k

The post Bitcoin Price Prediction: Here’s How Inflation Data Today Can Push BTC Beyond $89k appeared first on Coinpedia Fintech News

Bitcoin is currently experiencing a strong upward trend, with large institutional investors like BlackRock and MicroStrategy continuing to accumulate significant amounts of Bitcoin. On Monday, over $1.1 billion flowed into Bitcoin ETFs, with BlackRock’s ETF alone receiving $756 million. Additionally, MicroStrategy purchased another $2 billion worth of Bitcoin (around 27,200 BTC). This shows that major players are still heavily invested in Bitcoin, which supports the ongoing bull market.

Inflation Data Could Impact Prices

According to analyst Josh of Crypto World, one key factor to watch is the upcoming inflation data for the United States. Today, November 13th, at 1:30 p.m. GMT, the U.S. Consumer Price Index (CPI) for October will be released. Currently, the market expects inflation to come in at 2.6% year-over-year, up slightly from the current 2.4%. Here’s how different outcomes could affect the market:

• If CPI is lower than expected: This would likely be seen as bullish for Bitcoin and other markets, as it could indicate more interest rate cuts from the Federal Reserve.
• If CPI is higher than expected: This could be bearish, as higher inflation could lead to tighter monetary policy and less support for the market.

Bitcoin Price Action and Resistance Levels

On the technical side, Bitcoin has recently hit a significant resistance level around $89,000. This level is closely tied to the 161.8% Fibonacci extension of the recent price rally. As expected, Bitcoin is facing difficulty pushing beyond this level, which has led to some short-term rejection.

• Also Read :
•   What’s the Current Situation of the Crypto Market Ahead of the U.S. CPI? 
•   ,

However, it’s important to keep the bigger picture in mind. The longer-term outlook for Bitcoin is still bullish. In the immediate term, Bitcoin could experience some volatility. As it approaches resistance at $89,000, a minor pullback or sideways movement could occur. This is a normal part of market cycles, and it’s important not to panic during these fluctuations.