As a seasoned researcher with a decade of experience in financial markets, I have witnessed numerous ups and downs, bubbles, and crashes. However, today’s market movement is intriguing for its unique blend of traditional economic indicators and digital assets.
After the December 11 opening of Wall Street, Bitcoin (BTC) once again reached $100,000. This was due to positive U.S. economic data, which sparked a recovery.
Bitcoin traders boost BTC price targets as $100,000 returns
Data from CryptoMoon Markets Pro and TradingView tracked BTC price gains of nearly 4% on the day.
At first finding it tough following market closure, BTC/USD eventually reached a six-digit figure, seemingly causing traders to overlook the previous disappointment about tech giant Microsoft not adding Bitcoin to its treasury.
In response to recent market fluctuations, well-known trader Skew pointed out that a “passive buyer” appears to be increasing prices.
He pointed out that there’s a significant gap between the amount being offered for sale and the amount people are willing to buy, indicating good liquidity levels, in reference to market conditions on the world’s biggest trading platform, Binance.
Previously, it was pointed out by Skew that the balance point (EQ) for the Binance Bitcoin to Tether pair stood at approximately $97,000.
Fellow trader Roman offered an encouraging prediction based on his analysis of the daily timeframes, where he saw the relative strength index (RSI) as potentially “restarting from scratch.
The result, he told X followers, should be a “clean move” to the area around $112,000.
A well-known trader called Johnny from platform X also had comparable strategies, anticipating persisting power after Bitcoin’s frequent rebounds within the $90,000 range.
Fed rate cut increasingly “baked in” after CPI
The positive outcome of the November print for the U.S. Consumer Price Index (CPI) aligning with predictions contributed to a favorable atmosphere.
If inflation remains stable without any unexpected changes, financial markets are solidifying their belief that the Federal Reserve will lower interest rates by a quarter percent during its meeting scheduled for December 18.
As a crypto investor, I’ve been keeping a close eye on the upcoming FOMC meeting on December 18th. According to Keith Alan, co-founder of Material Indicators and data from CME Group’s FedWatch Tool, a staggering 86% of Federal Reserve observers expect a 25bps rate cut to be a given at this meeting.
“Watching to see how today’s reports influence the market’s perception of the likelihood of getting that cut next week.”
At the time of writing, the prediction platform Kalshi indicated that a substantial majority (95%) of its users were confident, with the probability of a 0.25% interest rate reduction standing at this level.
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2024-12-11 18:59