Next week's interest rate cut is "stable"? The Nasdaq breaks 20,000 points for the first time, Bitcoin rises above $101,000
Overall, multiple analysts are optimistic about the future trend of Bitcoin.Author: BitpushNews
After the release of the U.S. November Consumer Price Index (CPI) data, U.S. stocks and the crypto market surged.
The U.S. November CPI data rose by 2.7% year-on-year, up from 2.6% in October, in line with market expectations. The November CPI increased by 0.3% month-on-month, slightly higher than last month's 0.2%. The core CPI rose by 3.3%, unchanged from October.
Data from the FedWatch Tool shows that the likelihood of the Federal Reserve cutting interest rates by 25 basis points next week has risen to over 96%.
As of Wednesday's close, the Dow Jones Industrial Average fell 0.2%, the S&P 500 index rose 0.8%, and the Nasdaq rose 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 rebounded to over $101,000, rising more than 6% in the past 24 hours, while 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 increasing by more than 10%.
Institutions Buy 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. Monitoring data from Arkham indicates that in the past 48 hours, BlackRock and Fidelity ETFs purchased over $500 million worth of ETH.
Traders: BTC's Next Target is Around $112,000
Renowned trader Skew pointed out that the market is currently in a state of supply and demand balance, emphasizing that there are "passive buyers" supporting the price. Additionally, he mentioned that there is strong buying and selling pressure around $97,000 on Binance, the world's largest cryptocurrency exchange.
Another trader, Roman, analyzed from a daily chart perspective, believing that the Relative Strength Index (RSI) has completely reset, indicating that Bitcoin may experience a strong upward trend, targeting 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 point, 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 sell-offs, causing the price to retreat to around $90,000. Therefore, $90,000 is the focal point of contention between bulls and bears, as well as an important support level.
Overall, multiple analysts hold an optimistic view on Bitcoin's future trajectory. Although the market may experience some volatility in the short term, the overall trend remains bullish.
