U.S. inflation data for October came in right on target, pushing Bitcoin (BTC) closer to the $90,000 mark.

The Consumer Price Index (CPI) rose by 0.2% in October, matching economists’ expectations, and was consistent with the 0.2% increase seen in September. Year-over-year, the CPI increased by 2.6%, up from 2.4% in September, in line with forecasts.

Core CPI, which excludes the more volatile categories of food and energy, climbed 0.3% last month, exactly as expected, maintaining the same pace as in August. On an annual basis, core CPI reached 3.3%, matching both the forecast and the prior month’s figure.

Bitcoin’s price surged to $89,500 following the release of the data, continuing its strong performance with a nearly 30% gain over the last week.

Since the Federal Reserve began its easing cycle in September, cutting the federal funds rate by 75 basis points, Bitcoin has benefitted from a more favorable economic environment. The election of crypto-friendly Donald Trump further buoyed investor sentiment, helping Bitcoin reach new all-time highs.

According to CME FedWatch, which tracks the odds of changes to U.S. interest rates, the likelihood of a 25 basis point rate cut in December rose from 60% before the CPI release to 69% afterward.