Original title: (Next week's interest rate cut 'secured'? Nasdaq first breaks 20,000 points, Bitcoin rises above $101,000)
Original source: BitpushNews
U.S. stocks and the crypto market surged following the release of the November Consumer Price Index (CPI) data.
The U.S. November CPI data rose 2.7% year-over-year, higher than October's 2.6%, in line with market expectations. The November CPI monthly rate increased by 0.3%, slightly above last month's 0.2%. The core CPI rose by 3.3%, unchanged from October.
FedWatch Tool data shows that the probability 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 by 0.2%, the S&P 500 index rose by 0.8%, and the Nasdaq rose by 1.77%, breaking 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 crypto market, Bitcoin has risen above $101,000, increasing by over 6% in the past 24 hours, while XRP, Solana (SOL), and Cardano (ADA) have risen by 23%, 11%, and 16% respectively.
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 by more than 7%, with NEAR, ICP, and Render increasing by over 10%.
Institutions are buying on dips.
Data from Sosovalue shows that institutional investors are seizing the opportunity to buy on dips. On December 10, inflows into U.S. spot Bitcoin ETFs amounted to $439.5 million. The U.S. spot Ethereum ETF recorded the third-largest daily inflow ever, reaching $305.7 million. Arkham monitoring data indicates that over the past 48 hours, BlackRock and Fidelity ETFs purchased more than $500 million worth of ETH.
Trader: BTC's next target is around $112,000.
Famous 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 noted that there is strong buying and selling around $97,000 on Binance, the world's largest cryptocurrency exchange.
Another trader, Roman, analyzed from the daily chart perspective and believes that the Relative Strength Index (RSI) has fully reset, indicating that Bitcoin may experience a strong upward trend, 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 strongly rebounded from the 20-day moving average (approximately $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 reach $113,331, or even challenge the $125,000 mark.
However, if the price falls below the 20-day moving average, it may trigger profit-taking sell-offs, causing the price to retreat to around $90,000. Thus, $90,000 is the focal point of contention between bulls and bears and is also an important support level.
Overall, multiple analysts hold an optimistic view on Bitcoin's future trajectory. Although the market may experience some fluctuations in the short term, the overall trend still leans towards bullish.
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