BCGAME - Free 5BTC Daily Bonus!O Bitcoin price regained the $89 level today 13/11/2024 driven by the release of US inflation data. Recently, the asset reached a new high after breaking the $89 barrier for the first time and approaching the $90 zone. In a bullish spike, Bitcoin set its new all-time high yesterday at $89.864,13.
As economists estimated, the data US inflation rates for the month of October matched forecasts, leading to Bitcoin retesting the $90.000 zone.
According to the report released by the government this morning, the Consumer Price Index (CPI) rose 0,2% in October, compared to forecasts of 0,2% and a 0,2% increase in September. When comparing year-on-year data, the CPI index rose 2,6%, although it grew 2,4% in September.
Core CPI rose 0,3 percent in October, versus forecasts of 0,3 percent and 0,3 percent in August. Core CPI for the full-year figure was 3,3 percent, versus estimates of 3,3 percent and 3,3 percent in September.
It is worth remembering that the US Federal Reserve (Fed) announced, on November 7, its decision to cut interest rates by 25 basis points. The move follows a 50 basis point cut that was made in September. Bitcoin’s price reacted immediately after the Fed’s announcement, showing a significant appreciation. As many market experts predicted, the Federal Open Market Committee (FOMC) decided to cut the federal funds rate to a range between 4,50% and 4,75%.
At the time of publication, Bitcoin's price was trading at $89.239,30, up 3.2% in the last 24 hours. In its weekly development, the asset has seen a 20.3% increase in its price over the last seven days.
It is worth noting that, since last week, Bitcoin has been breaking sequential price records, driven by Donald Trump's victory and the US Federal Reserve's rate cut.
