As a seasoned crypto investor with battle-scarred fingers from navigating the volatile crypto markets for years, I can’t help but feel a sense of cautious optimism as Bitcoin breaches the $100,000 mark once again. Historically, CPI reports and FOMC meetings have sent me diving for cover more times than I care to remember, but this time around, I find myself holding my breath, waiting for the dust to settle.
Initially facing some difficulties this week, Bitcoin surged past the $100,000 mark, leading several experts to predict it could potentially reach $110,000 next.
The return to $100,000 is prompted by the latest November Consumer Price Index report indicating a minimal rise in U.S. inflation rates. Traditionally, cryptocurrency traders tend to exit risky trading days prior to the release of CPI reports and U.S. Federal Reserve FOMC meetings. They then re-enter the market based on the data’s outcome.
In terms of cryptocurrencies, the resurfacing of the Coinbase premium hinted at an imminent return of demand for Bitcoin, suggesting a potential upward trend towards the higher end of its short-term price range.
Apart from a powerful buy signal recorded on December 11th, price movements in the futures market due to liquidation events were also significant factors contributing to the price surpassing $100,000.
At present, the Bitcoin price has hit a wall of offers around $101,500. If traders want to set off another round of liquidations pushing Bitcoin towards its record high, they’ll need to exert pressure on this price level. This analysis is based on futures liquidation data from CoinGlass.
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2024-12-11 21:48