Originally published on: November 15, 2024
Bitcoin saw a slight dip below key levels on November 15 as bulls tested local support after recent all-time highs. Despite failing to break above $90,000, a consolidation phase followed as traders monitored inflation data and Federal Reserve policies.
The latest Producer Price Index (PPI) for October showed inflationary pressures edging higher, prompting concerns about potential rate hikes. With Core inflation above 3.0%, financial markets braced for a possible shift in Fed policies.
As the odds of a rate cut in December reduced to 58%, traders kept a close eye on Bitcoin’s price action. With support around $87,000 crucial for further gains, analysts warned of a possible retest of lower levels.
Despite short-term selling pressure, bullish sentiment remained strong with traders eyeing a potential rally towards $100,000. Keith Alan from Material Indicators suggested that Bitcoin could reach the psychological target by Thanksgiving if it maintains the current trend line.
While uncertainties loom, traders should remain cautious and conduct thorough research before making investment decisions. Stay updated on market trends and opportunities by subscribing to our newsletter for weekly insights.
