Bitcoin Price Surges $100k Amid CPI Report: What Next For $BTC?

Bitcoin Hits $100k After CPI Report: What’s Next for $BTC Price?

Bitcoin Reclaims $100,000: A Swift Market Revival 

Bitcoin surged back above the $100,000 milestone on Dec. 11, following the release of U.S. macroeconomic data that reignited bullish momentum. BTC/USD soared nearly 4% on the day, marking a dramatic rebound after initial struggles post-daily close. 

As of now, Bitcoin is priced at around $100,857.56, reflecting a 3.25% gain over the past 24 hours. The cryptocurrency boasts a trading volume of $81.21 billion, reinforcing its dominance with an impressive market cap of $1.99 trillion. 

Bitcoin’s sustained performance above the six-figure mark highlights its resilience and continued investor interest amidst evolving market conditions.

Traders Raise BTC Price Targets 

Bitcoin’s resurgence was fueled by optimism, with traders quickly setting sights on higher price targets. Popular analyst Skew highlighted the presence of a “passive buyer” driving the price up, observing liquidity imbalances on Binance’s BTC/USDT order book. Skew identified the current equilibrium point at $97,000 but noted the market’s strong upward momentum. $110,000+ in Sight?

Bullish traders like Roman predicted further gains. 

Roman pointed to a “completely reset” relative strength index (RSI) on daily charts, anticipating a “clean move” toward $112,000 surpassing $110,000. Similarly, Johnny, another well-followed trader, expected continued strength after Bitcoin’s consistent support around the mid-$90,000 range.

Fed Rate Cut Adds Fuel to the Fire 

Market sentiment received another boost from the November Consumer Price Index (CPI) report, which aligned with expectations. This solidified predictions of a 0.25% interest rate cut by the U.S. Federal Reserve at its Dec. 18 meeting. Keith Alan, co-founder of Material Indicators, highlighted data showing 86% of analysts believe the rate cut is “baked in.” Prediction platform Kalshi reflected even greater certainty, with a 95% probability of the rate cut at the time of writing.

Optimism Returns to Bitcoin Market 

Bitcoin’s recovery to six figures erased earlier disappointment over Microsoft’s rejection of adding Bitcoin to its treasury. As bullish forecasts dominate the narrative, the crypto market eagerly awaits the Federal Reserve’s decision, with BTC/USD poised for potentially larger moves in the days ahead.