Written by: BitpushNews
U.S. stocks and crypto markets rose after the release of U.S. Consumer Price Index (CPI) data for November.
The US CPI data for November rose 2.7% year-on-year, higher than 2.6% in October, in line with market expectations. The monthly CPI rose 0.3% in November, slightly higher than 0.2% in the previous month. Among them, the core CPI rose 3.3%, the same as in October.
The probability that the Federal Reserve will cut interest rates by 25 basis points next week has risen to more than 96%, according to the FedWatch Tool.
As of the close of U.S. stocks on Wednesday, the Dow Jones Industrial Average initially closed down 0.2%, the S&P 500 rose 0.8%, and the Nasdaq rose 1.77%, breaking the 20,000 mark for the first time. Tesla (TSLA.O) and Google (GOOG.O) both rose more than 5.5% and set new highs.
In the cryptocurrency market, Bitcoin has risen above $101,000, increasing by over 6% in the past 24 hours, while XRP, Solana (SOL), and Cardano (ADA) saw increases of 23%, 11%, and 16% respectively during the same period.
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), dogwifhat (WIF), BONK, and FLOKI have all achieved double-digit gains. AI concept tokens have also risen 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 the U.S. spot Bitcoin ETF on December 10. The U.S. spot Ethereum ETF recorded the third-largest daily inflow in history, reaching $305.7 million. Arkham monitoring data shows that over the past 48 hours, BlackRock and Fidelity ETFs purchased more than $500 million worth of ETH.
Trader: The next target for BTC is around $112,000.
Renowned 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 around $97,000 on the world's largest cryptocurrency exchange, Binance.
Another trader Roman analyzed from the daily chart perspective, believing that the Relative Strength Index (RSI) has been completely reset, indicating that Bitcoin may usher in a strong upward trend, with a target price around $112,000.
Well-known 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 strongly rebounded from the 20-day moving average (around $96,133), indicating that bullish strength 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 $125,000.
However, if the price falls below the 20-day moving average, it may trigger profit-taking and lead to a price drop to around $90,000. Therefore, $90,000 is the focal point of contention for both bulls and bears, and it is also an important support level.
Overall, multiple analysts hold an optimistic view on Bitcoin's future trend. Although the market may experience some fluctuations in the short term, the overall trend still leans towards bullish.
