Originally published on: October 11, 2024
As BitcoinBTC crossed $61,500 on Oct. 11, the cryptocurrency market showed resilience in the face of unexpected US inflation data.
BTC/USD continued to climb, hitting new local highs of $61,476 on Bitstamp, as per data from Cointelegraph Markets Pro and TradingView.
The recent Producer Price Index (PPI) data in the US surpassed expectations, indicating a 1.8% increase compared to the predicted 1.6%.
This rise in inflationary pressures has raised concerns, especially with the Consumer Price Index (CPI) already causing worries for the Federal Reserve.
The Kobeissi Letter highlighted how the Fed’s recent interest rate cut of 0.5% may not have been necessary given the uptick in both Core PPI and CPI inflation.
While stocks saw an upward trend, leading to a divergence in the market, Bitcoin and altcoins faced selling pressure.
Despite this, analysts are optimistic about Bitcoin’s potential to retest higher resistance levels, with Justin Bennett mentioning the recovery from lows of $58,860 and traders like Roman eyeing a revisit of $65,000.
As the market remains volatile, it is essential for investors to conduct their own research and make informed decisions.
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