Bitcoin pushed above $70,000 on November 13, 2026, after the U.S. Bureau of Labor Statistics released its October producer price index, which came in slightly cooler than Wall Street forecasts. Gold rose alongside it, trading above $3,900 per ounce.
Bitcoin gained approximately 1% to 1.35%, while gold added around 0.6% to 1%. Though modest, the gains represented a shift in sentiment following a week of hot inflation data.
PPI Data Showed Modest Beat
The headline producer price index rose 0.3% month over month, below the forecasted 0.4%. On an annual basis, producer prices climbed 6.5%, slightly lower than the expected 6.6%.
Core PPI, which excludes volatile categories, matched forecasts exactly at 0.3% monthly and 5.0% annually.
The October annual increase of 6.5% represents the highest level in almost four years, though it marked a slowdown from the prior month's sharper rise.
Market Context
The PPI release followed a hotter-than-expected consumer price index report for October, which rose 0.4% month over month against a 0.3% forecast. That reading had weighed on Bitcoin earlier in the week.
Following the softer producer data, market odds of a larger 50 basis-point Federal Reserve increase in December declined. A 25 basis-point hike remains the market's base case for the December decision.
Inflation Hedge Demand Persists
Gold's sustained level above $3,900 per ounce reflects continued demand for the metal as an inflation hedge. With producer inflation running at its highest annual pace in almost four years, that demand reflects ongoing economic uncertainty.
Producer costs often feed into consumer prices over time, so a softer PPI reading could suggest some easing ahead, though a single month of data provides limited basis for that conclusion.
