Author: BitpushNews
After the release of the US November Consumer Price Index (CPI) data, the US stock market and the crypto market rose in unison.
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. Among them, the core CPI rose 3.3%, the same as in October.
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 through 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, Bit rebounded to above $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 more than 10%.
Institutions Buy the Dip
Sosovalue's data shows that institutional investors are seizing the opportunity to buy the dip, with $439.5 million flowing into the US spot Bit ETF on December 10. The US spot ETH ETF set a record for the third largest daily inflow, reaching $305.7 million. Arkham monitoring data shows that over the past 48 hours, BlackRock and Fidelity ETFs have purchased more than $500 million worth of ETH.
Trader: Bit's Next Target is Around $112,000
Well-known trader Skew pointed out that the market is currently in a state of supply and demand balance, and emphasized that there are "passive buyers" supporting the price. In addition, he also mentioned that around $97,000 on the world's largest cryptocurrency exchange Binance, there is strong buying and selling pressure.
Another trader Roman, from the perspective of the daily chart, believes that the Relative Strength Index (RSI) has been completely reset, which suggests that Bit may usher in a strong upward trend, with a target price of around $112,000.
Well-known trader Johnny also said that Bit 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 Bit 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, Bit is expected to challenge $113,331, or even $125,000.
However, if the price falls below the 20-day moving average, it may trigger profit-taking, leading to a pullback to around $90,000. Therefore, $90,000 is the focus of the bulls and bears, and is also an important support level.
In general, multiple analysts are optimistic about the future trend of Bit. Although the market may experience some volatility in the short term, the overall trend is still bullish.
