Author: BitpushNews
After the release of the U.S. November Consumer Price Index (CPI) data, both the U.S. stock market and the cryptocurrency market responded positively.
In the U.S., November CPI data rose 2.7% year-on-year, up from 2.6% in October, in line with market expectations. The November CPI month-on-month increased by 0.3%, slightly above last month’s 0.2%. Among them, core CPI rose 3.3%, unchanged from October.
FedWatch Tool data shows that the likelihood of the Federal Reserve cutting rates by 25 basis points next week has risen to over 96%.
As of the close of U.S. stocks on Wednesday, the Dow Jones initially fell 0.2%, the S&P 500 index rose 0.8%, and the Nasdaq rose 1.77%, surpassing the 20,000-point mark for the first time. Tesla (TSLA.O) and Google (GOOG.O) both rose over 5.5% and hit new highs.
In the cryptocurrency market, Bitcoin has risen above $101,000, up over 6% in the past 24 hours, while during the same period, XRP, Solana (SOL), and Cardano (ADA) saw increases of 23%, 11%, and 16%, respectively.
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), dogwifhat (WIF), BONK, and FLOKI all achieved double-digit gains. AI concept tokens also rose by over 7%, with NEAR, ICP, and Render seeing increases of over 10%.
Institutions are buying on dips.
Data from Sosovalue shows that institutional investors are seizing the opportunity to buy on dips, with $439.5 million flowing into U.S. spot Bitcoin ETFs on December 10. U.S. spot Ether ETFs recorded the third-largest daily inflow in history, reaching $305.7 million. Arkham monitoring data shows that in the past 48 hours, BlackRock and Fidelity ETFs purchased over $500 million worth of ETH.
Trader: BTC's next target is around $112,000.
Noted trader Skew pointed out that the market is currently in a state of supply and demand balance and emphasized that there are 'passive buyers' supporting the price. Additionally, he mentioned that there is strong buying and selling interest around $97,000 on Binance, the world's largest cryptocurrency exchange.
Another trader, Roman, analyzed from the daily chart perspective, believing that the relative strength index (RSI) has completely reset, indicating that Bitcoin may usher in a wave of strong upward momentum, with a target price around $112,000.
Famous trader Johnny also stated that Bitcoin has rebounded multiple times around $95,000, showing strong support and is expected to continue rising in the future.
Chart analyst Upadhyay believes that Bitcoin's price has rebounded strongly from the 20-day moving average (about $96,133), indicating that bullish momentum remains strong. If it can effectively break through the resistance range of $101,351 to $104,088, it will further confirm the upward trend. At that time, Bitcoin is expected to challenge $113,331 and even the $125,000 mark.
However, if the price falls below the 20-day moving average, it may trigger profit-taking selling, causing the price to retreat to around $90,000. Thus, $90,000 is the focal point of contention between bulls and bears, and it is also an important support level.
Overall, multiple analysts hold an optimistic view on Bitcoin's future trend. Although there may be some fluctuations in the market in the short term, the overall trend still leans towards bullish.
