OPEC+ maintained its oil production targets, which could exacerbate inflation concerns and limit the Federal Reserve's monetary policy easing, posing a new macro test for Bitcoin.
OPEC+ decided on November 1 to maintain its oil production targets for December, despite ongoing supply disruptions in the Middle East, a move that could exacerbate inflationary pressures and strengthen the Federal Reserve's resistance to easing monetary policy. Bitcoin rose about 1% to $78,724 in early Monday trading, boosted by falling oil prices and a weaker dollar. U.S. September CPI data showed gasoline prices surged 9.1%, accounting for more than half of the monthly CPI increase. Goldman Sachs has raised its December Brent crude forecast to $105. Bitcoin's next macroeconomic test will be the U.S. October inflation data and EIA oil outlook, both due on November 10.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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