Bitcoin

Impact

BlackRock

<p>Bitcoin is currently experiencing a strong upward trend, with large institutional investors like BlackRock and MicroStrategy continuing to accumulate significant amounts of Bitcoin. On Monday, <a href="https://coinpedia.org/news/bitcoin-etf-inflows-surge-blackrocks-massive-1-1b-mark/" target="_blank" rel="noreferrer noopener">over $1.1 billion flowed into Bitcoin ETFs</a>, with BlackRock's ETF alone receiving $756 million. Additionally, <a href="https://coinpedia.org/crypto-live-news/microstrategy-buys-27200-bitcoin-for-2-03b/" target="_blank" rel="noreferrer noopener">MicroStrategy purchased another $2 billion</a> worth of Bitcoin (around 27,200 BTC). This shows that major players are still heavily invested in Bitcoin, which supports the ongoing bull market.</p>   
<h2 class="wp-block-heading" id="h-inflation-data-could-impact-prices"><strong>Inflation Data Could Impact Prices</strong></h2>   
<p>According to <a href="https://www.youtube.com/watch?v=yqOMncqLHq4" target="_blank" rel="noreferrer noopener nofollow">analyst Josh of Crypto World</a>, one key factor to watch is the upcoming inflation data for the United States. Today, November 13th, at 1:30 p.m. GMT, the <a href="https://coinpedia.org/news/us-cpi-data-today-bitcoins-overbought-conditions-could-lead-to-10-correction/" target="_blank" rel="noreferrer noopener">U.S. Consumer Price Index</a> (CPI) for October will be released. Currently, the market expects inflation to come in at 2.6% year-over-year, up slightly from the current 2.4%. Here's how different outcomes could affect the market:</p>   
<ul class="wp-block-list">
  
 <li><strong>If CPI is lower than expected</strong>: This would likely be seen as bullish for Bitcoin and other markets, as it could indicate more interest rate cuts from the Federal Reserve.</li>   
 <li><strong>If CPI is higher than expected</strong>: This could be bearish, as higher inflation could lead to tighter monetary policy and less support for the market.</li> 
</ul>   
<h3 class="wp-block-heading" id="h-bitcoin-price-action-and-resistance-levels"><strong>Bitcoin Price Action and Resistance Levels</strong></h3>   
<p>On the technical side, Bitcoin has recently hit a significant resistance level around $89,000. This level is closely tied to the 161.8% Fibonacci extension of the recent price rally. As expected, Bitcoin is facing difficulty pushing beyond this level, which has led to some short-term rejection.</p>   [post_titles_links postid="379011"]   
<p>However, it’s important to keep the bigger picture in mind. The longer-term outlook for Bitcoin is still bullish. In the immediate term, Bitcoin could experience some volatility. As it approaches resistance at $89,000, a minor pullback or sideways movement could occur. This is a normal part of market cycles, and it’s important not to panic during these fluctuations.</p>

Bitcoin Price Prediction: Here’s How Inflation Data Today Can Push BTC Beyond $89k

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