Bitcoin (BTC) was trading near $90,000 on November 14 as BTC price action digested another all-time high.
BTC/USD 1-hour chart. Source: TradingView
New Bitcoin all-time high follows US CPI.
Data from Cointelegraph Markets Pro and TradingView shows volatility still exists after BTC/USD hit a record $93,483 on Bitstamp the previous day.
This comes during a Wall Street trading session based on the latest US inflation data. The October Consumer Price Index (CPI) was in line with forecasts of 2.6% but was nonetheless still on the rise, the Bureau of Labor Statistics (BLS) confirmed.
US CPI 12-month % change. Source: BLS
As a result, despite the impact on financial policy, Bitcoin held steady, maintaining a brief rally above $90,000.
Likewise, markets continued to bet on another rate cut by the Federal Reserve in December, with odds over 80% as of this writing, according to data from CME Group’s FedWatch tool.
Fed target interest rate probability. Source: CME Group
In response, cryptocurrency market commentators saw few macroeconomic obstacles preventing BTC price growth.
“CPI is in line,” Quinn Thompson, founder and CIO of hedge fund Lekker Capital, told followers of X, who had previously called the data release “nothing.”
“See you next week with $100,000 in Bitcoin.”
Trader, analyst and entrepreneur Michaël van de Poppe agreed to the six-figure target, noting that more data would be available on November 14, namely the Producer Price Index (PPI).
source: Michael van de Poppe
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Meanwhile, popular trader Skew highlighted $95,000 in its latest market analysis as a “key supply zone” based on exchange order book liquidity.
relevant: $80,000 BTC Price Chases Gold — 5 Things to Know in Bitcoin This Week
“During the Asian session, flows are very slow and volume declines, generally consistent with movements in the EU/US session,” he said.
Liquid BTC/USDT 15-minute chart (Binance). Source: Tilt/X
In one of the Quicktake blog posts on November 13, Onchained, a contributor to on-chain analytics platform CryptoQuant, joined the call for more profits.
“Notably, the Zerochain upper and lower indices have fallen to levels registered in the $73,000 price range last March, signaling significant potential upside,” he wrote, referring to one of the company’s proprietary trading indicators.
As a result, it turns out that BTC/USD “could potentially reach highs between $180,000 and $200,000 from its current $93,000 level.”
“Once again, we haven’t peaked yet! “The index suggests a high will be reached when the indicator falls within the range of 0-0.09, and currently remains at 0.27,” the post concluded.
On-chain top/bottom index (screenshot). Source: CryptoQuant
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.