Bitcoin (BTC) gained nearly 4% on Nov. 27 as buyers stepped in to halt a trip to weekly lows.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin surfs US inflation data with $95,000 in sight
Data from Cointelegraph Markets Pro and TradingView showed BTC price action seeking to reclaim support at $95,000.
Renewed strength came as the week’s key United States macroeconomic data prints fell in line with expectations.
These included jobless claims and the Federal Reserve’s “preferred” inflation gauge, the Personal Consumption Expenditures (PCE) Index.
Markets gained slight confidence in an interest rate cut next month as a result, with CME Group’s FedWatch Tool putting the odds of a 0.25% decrease at 66% on the day.
Fed target rate probabilities. Source: CME Group
Reacting, trading resource The Kobeissi Letter nonetheless acknowledged that inflationary pressures were “back on the rise.”
“What happened to the ‘Fed pivot?’” it queried about long-term Fed policy in an X post.
Bitcoin saw little reason for concern in the meantime, making up for more of the week’s earlier losses.
“Passive buyer bought into both LTF lows,” popular trader Skew explained in part of ongoing market commentary.
Skew noted that order book liquidity, both from buyers and sellers, remained “pretty wide,” with demand laddered through $85,000.
“Notable orderbook change - pulled asks which aided the price decline,” he added alongside a chart showing the liquidity landscape on largest global exchange Binance into the Wall Street open.
BTC/USDT 15-minute chart with order book liquidity. Source: Skew/X
MACD reignites $100,000 BTC price hopes
Other market participants continued to diverge over the likelihood of BTC/USD reaching $100,000 and when.
“We may not reach 100K in the short term. There is a large sell wall around 100K, I think someone did it deliberately,” monitoring resource CoinGlass reiterated to X followers.
Citing the moving average convergence/divergence (MACD) indicator, meanwhile, popular social media account Bitcoin Munger was bullish.
“$100k is coming whether you like it or not,” it concluded about 4-hour MACD, which was about to produce a bullish crossover.
BTC/USD 4-hour chart with MACD data. Source: Cointelegraph/TradingView
Fellow trader Roman expressed little surprise at the market comeback.
“Once the calls for 70k were becoming loud, it was obvious we’d get a clean upward move,” he commented.
“We’re in a bull market. Stop being overly bearish.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
