Author: BitpushNews
After the release of the U.S. November Consumer Price Index (CPI) data, U.S. stocks and the cryptocurrency market rose in response.
The U.S. November CPI data increased by 2.7% year-on-year, up from 2.6% in October, in line with market expectations. The November CPI rose by 0.3% month-on-month, slightly higher than last month's 0.2%. Among them, the core CPI increased by 3.3%, unchanged from October.
Data from the FedWatch Tool shows that the probability of the Federal Reserve cutting interest 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 Industrial Average 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 reached new highs.
In the cryptocurrency 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 the world's largest cryptocurrency exchange, Binance.
Another trader, Roman, analyzed from a daily chart perspective, believing 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.
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 (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 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 sell-offs, leading to a price drop to around $90,000. Therefore, $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 the market may experience some volatility in the short term, the overall trend still leans towards bullish.
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