Author: BitpushNews
After the release of the US November Consumer Price Index (CPI) data, US stocks and the crypto market rallied.
The US November CPI data rose 2.7% year-on-year, higher than 2.6% in October, in line with market expectations. The monthly CPI in November rose 0.3%, slightly higher than the 0.2% increase the previous month. The core CPI rose 3.3%, unchanged from October.
The FedWatch Tool data 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 the US stock market on Wednesday, the Dow Jones index fell 0.2% preliminarily, 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 more than 5.5% and hit new highs.
In the crypto market, BTC rebounded to over $101,000, up more than 6% in the past 24 hours, while XRP, Solana (SOL) and Cardano (ADA) rose 23%, 11% and 16% respectively during the same period.
Meme coins such as Doge (DOGE), Shiba Inu (SHIB), dogwifhat (WIF), BONK and FLOKI all achieved double-digit gains. AI concept tokens also rose more than 7%, with NEAR, ICP and Render gaining over 10%.
Institutions buying the dip
Data from Sosovalue shows that institutional investors are taking the opportunity to buy the dip, with $439.5 million flowing into the US spot BTC ETF on December 10. The US spot ETH ETF recorded the third largest daily inflow ever, reaching $305.7 million. Arkham monitoring data shows that BlackRock and Fidelity ETFs have purchased over $500 million worth of ETH in the past 48 hours.
Trader: BTC's next target is around $112,000
Well-known trader Skew pointed out that the market is currently in a state of supply-demand balance, and emphasized that there are "passive buyers" supporting the price. In addition, he also mentioned that around $97,000, there is strong buying and selling pressure on the world's largest cryptocurrency exchange Binance.
Another trader Roman, from the perspective of the daily chart, believes that the Relative Strength Index (RSI) has been completely reset, which suggests that BTC may usher in a strong rally, with a target price of around $112,000.
Well-known trader Johnny also said that BTC has rebounded strongly around $95,000, showing strong support, and is expected to continue to rise in the future.
Chart analyst Upadhyay believes that the BTC price has rebounded strongly from the 20-day moving average (around $96,133), indicating that the bullish momentum is still strong. If it can effectively break through the resistance range of $101,351 to $104,088, it will further confirm the upward trend. In that case, BTC is expected to challenge $113,331, and even the $125,000 level.
However, if the price falls below the 20-day moving average, it may trigger profit-taking, causing the price to fall back to around $90,000. Therefore, $90,000 is the focus of the bulls and bears, and is also an important support level.
In summary, multiple analysts are optimistic about the future trend of BTC. Although there may be some volatility in the short term, the overall trend is still bullish.
