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    Bitcoin falls below $87,000 amid US inflation concerns, eyes potential recovery path

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    30s Summary

    Bitcoin slipped below $87,000 on November 15 after hitting record highs two days earlier. The drop is partly attributed to US inflation data indicating a rise after the Federal Reserve cut interest rates. Some Bitcoin supporters claim that exploring the $86,000 range could strengthen Bitcoin’s price and determine a route to $100,000, though this would require a consistent short-term trend. If the price falls, Bitcoin could drop to the $75,000 – $76,000 range.

    Full Article

    On November 15, Bitcoin made some significant downward moves as the buzz from reaching all-time highs cooled down a bit.

    The latest data is showing the price of Bitcoin slipping below $87,000 by the close of day. This comes after the coin hit record highs on November 13, but unfortunately, it couldn’t keep things above $90,000 for long. Now, the market seems to be recovering and adjusting back to lower ground.

    One of the reasons for this change could be the latest inflation data from the United States. The October stats from the Producer Price Index (PPI) showed that inflation was back on the rise, especially as the Federal Reserve decided to cut interest rates. The PPI ended up at 2.4% in October, which was 0.1% higher than expected.

    This is causing some serious headaches for the financial industry. If interest rates go up, we go into a recession. But if they cut rates, we’re stuck dealing with even more inflation. So yeah, it’s a bit of a lose-lose situation.

    The price of Bitcoin took a bit of a knock with this news, alongside some cooler language from the Chair of the Federal Reserve, Jerome Powell. However, some traders are saying that the $87,000 area needs to be protected.

    Some supportive Bitcoiners are also saying that revisiting the $86,000 range could be good for the strength of Bitcoin’s price. They believe this could give an indication of whether the coin will get to $100,000 soon, or if things are going to cool off for a bit.

    It’s suggested that Bitcoin may hit the big $100,000 mark by Thanksgiving on November 28. But for this to happen, there needs to be a consistent rising short-term trend. If things were to fall below the line, the search for support could see the price dropping to the $75,000 – $76,000 range.

    Remember guys, this isn’t investment advice or any sort of recommendation. Every trading move comes with its own risk, so always make sure to do your own research when making a decision.

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