Bitcoin surpassed $93k after CPI report; here are 2 more macro events to watch

Bitcoin recorded an impressive rise after the US Consumer Price Index report arrived as expected. However, two more important events this week may strengthen the positive atmosphere.

Bitcoin (BTC) rose above $93,400, an all-time high, following the release of the US CPI report on Wednesday. The inflation rate in the world’s largest economy increased by 0.2% on an annual basis in October, reaching 2.6% as expected.

🚨 BREAKING 🚨

US CPI DATA ARRIVED AS 2.6%

EXPECTATIONS: 2.6%

— Ash Crypto (@Ashcryptoreal) November 13, 2024

According to CoinGecko’s data, the global crypto market value increased by nearly $3.2 trillion and fell again to $3.11 trillion. However, total transaction volume decreased by 5% to 400 billion dollars.

There are two more macro reports to pay attention to this week:

US Producer Price Index

The U.S. Producer Price Index report is scheduled to be released today, according to Investing.com. According to Investing.com data, as CPI increases, PPI is expected to increase from 1.8% in September to 2.3% in October.

Why is PPI important?

PPI is also directly related to the country’s inflation rate, as it shows changes in the output prices of domestic producers. In simple terms, if production costs increase, the consumer will also have to pay more to buy the products.

US Retail Sales

US retail sales data will be released on Friday, November 15. Additionally, the Censorship Bureau’s retail report may provide clues about consumer spending trends excluding food-related costs.

Investing.com data expects a slight decline in total U.S. retail sales; It predicts a decrease from 0.4% to 0.3% in the last two months.

A decline in retail sales may indicate growing fears of recession as consumer spending is expected to fall. This could negatively impact financial markets, including cryptocurrencies.