Struggling with the OBO formation on the hourly chart and falling to $66,000, Bitcoin broke its record by rising to $68900 after the release of the US inflation data.
In October, US consumer inflation increased by 0.9%. Annual inflation in the USA rose to 6.2%. Faced with the highest inflation in the last 31 years, the agenda again turned to rising prices.
While 6.2% inflation was among the most talked about topics on the US Twitter agenda, there were evaluations that there was too much deviation from the FED’s 2% target.
The higher-than-expected inflation data benefited assets with limited supply.
With the increase in the consumer price index in the USA, an ounce of gold rose to $ 1855 levels again. On the other hand, we see that silver continues to be traded at a premium of 2%.
Meanwhile, Bitcoin, which was considered as an anti-inflation tool and digital gold for a long time, renewed its record by taking its share of this data.
As we have reported in our analyzes for a long time, we maintain our bullish expectation in Bitcoin and altcoins.
*Not Investment Advice.