Bitcoin reached a new all-time high following the release of the U.S. Consumer Price Index report. Two more key events could impact the market this week.
Bitcoin's Record High
After the U.S. CPI report release, Bitcoin hit a new all-time high of over $93,400. The data showed that the U.S. inflation rate increased by 0.2% year-over-year in October to 2.6%, meeting expectations.
U.S. Producer Price Index
The U.S. Producer Price Index report is scheduled to be released today. According to Investing.com data, the PPI is also expected to have risen from 1.8% in September to 2.3% in October. The PPI is important as it indicates changes in domestic producers’ output prices and is directly related to inflation.
U.S. Retail Sales
The U.S. retail sales data will be released on Friday, November 15. Investing.com expects a slight decline in total retail sales in the U.S., anticipating a fall from 0.4% to 0.3% over the last two months. A drop may suggest increasing fears of a recession as consumer spending is predicted to slip.
Bitcoin continues to impress with its price momentum following positive U.S. inflation news. However, investors will be keenly observing upcoming data releases on the Producer Price Index and retail sales.
