Bitcoin Nears $100K as Black Friday and Key Inflation Data Drive Market Buzz

This week is packed with events that could impact markets, from Bitcoin's dramatic rise to the start of the holiday shopping season with Black Friday. Despite a shorter trading week due to the Thanksgiving holiday in the U.S., investors are closely watching key earnings reports, inflation data, and cryptocurrency movements.

Ad

Here’s a look at what’s making headlines and why it matters for markets.

Bitcoin Close to $100,000

Bitcoin has captured everyone’s attention as it edges closer to the $100,000 milestone. Last week, the cryptocurrency came within reach, hitting a high of $99,768 before pulling back to $80,000 by Saturday.

Advertisement

Bitcoin has soared 130% in 2024 and gained 42% since November 5, driven by growing optimism and support from high-profile figures, including former President Donald Trump.

If Bitcoin breaks through the $100,000 barrier, it could create a ripple effect, boosting investor confidence in cryptocurrencies and possibly reviving interest in initial public offerings (IPOs).

However, experts are urging caution. Bitcoin’s Relative Strength Index (RSI)—a measure of whether an asset is overbought—has been above 80, signaling the potential for a pullback. Earlier this year, Bitcoin saw a similar correction after failing to hold $74,000.

Why Black Friday Matters

Black Friday, the unofficial start of the holiday shopping season, is a critical time for retailers. This year, holiday sales in the U.S. are expected to reach an incredible $1 trillion, according to industry analysts.

Here’s what we know so far:

• Online shopping is projected to hit $240.8 billion, a 12% jump from last year, says Adobe Analytics.

• The National Retail Federation predicts that 183 million people will shop between Black Friday and Cyber Monday, spending an average of $900 per person.

Retailers like Macy’s and DICK’s Sporting Goods will also release earnings reports this week, giving early insights into how the season is shaping up. Strong results could boost market confidence, while weaker-than-expected numbers might signal trouble ahead for the economy.

Inflation Data in the Spotlight

Inflation remains a key concern for the Federal Reserve, and this week brings an important update. On Wednesday, the government will release the Personal Consumption Expenditures (PCE) Price Index, which measures the cost of goods and services in the U.S.

This report is the Fed’s preferred inflation gauge and plays a big role in shaping monetary policy. Inflation has been running at about 2.1% annually in recent months, but any surprises could influence interest rate expectations and market direction.

Nvidia and Apple Battle for the Top

Among the biggest players in the market, Nvidia and Apple are neck and neck for the title of the world’s most valuable company. Nvidia remains slightly ahead, with a market cap of $3.476 trillion, despite its stock dipping 0.02% last week.

Apple isn’t far behind, with its shares rising 2.2% last week to reach a market cap of $3.475 trillion—just $1 billion less than Nvidia.

Both companies continue to dominate headlines and drive market sentiment, showcasing their influence on the broader tech sector.

What This Week Means for Investors

Despite the holiday-shortened week, there’s plenty to keep investors busy. With Bitcoin’s big milestone, Black Friday spending, and important inflation data on the horizon, markets are expected to see significant movement.

While optimism is high, risks like Bitcoin’s volatility and inflation uncertainties could create some turbulence. For now, all eyes are on whether Bitcoin can break through $100,000 and how consumers drive the holiday shopping season.

Also Read: Bitcoin Breaks $98,000 as Investors Back Trump’s Crypto-Friendly Vision