Originally published on: November 14, 2024
Bitcoin’s price surged to near $90,000 on Nov. 14, setting a new all-time high and triggering excitement among cryptocurrency enthusiasts and investors. The volatility in BTC/USD trading continued as the price reached $93,483 on Bitstamp, fueled by the latest United States inflation data release.
Despite the Consumer Price Index (CPI) matching expectations and the possibility of a Federal Reserve interest rate cut in December, Bitcoin remained resilient, making a brief push above $90,000. Market analysts predicted further upside potential for Bitcoin, with some foreseeing the price hitting six figures soon.
Quinn Thompson, founder of hedge fund Lekker Capital, downplayed the CPI data impact, calling it a “nothingburger” and remained bullish on Bitcoin. Trader Michaël van de Poppe also shared the sentiment, highlighting the upcoming Producer Price Index (PPI) data as a potential catalyst for a price surge.
Popular trader Skew identified $95,000 as a crucial resistance level based on order book liquidity, indicating a possible breakout if volumes increase during the EU/US trading session. Onchained, a contributor to CryptoQuant, echoed the optimism, revealing that their proprietary indicator suggests Bitcoin could soar to $180,000-$200,000 from its current levels.
As Bitcoin continues to make headlines with its record-breaking rally, investors are advised to conduct thorough research and exercise caution before making any investment decisions. Stay informed and subscribe to our newsletter for the latest market insights and trading strategies.
