Bitcoin price reclaims 6 figures on CPI relief as traders see $110K+ next
Bitcoin BTC $97,604 returned to $100,000 after the Dec. 11 Wall Street open as on-point United States macroeconomic data fueled a rebound.
Bitcoin traders boost BTC price targets as $100,000 returns
Data from Cointelegraph Markets Pro and TradingView tracked BTC price gains of nearly 4% on the day.
Initially struggling after the daily close, BTC/USD managed to tag the six-figure mark — traders appeared to forget the prior letdown over tech giant Microsoft’s Bitcoin treasury rejection.
Commenting on the latest market movements, popular trader Skew revealed a “passive buyer” lifting price.
“Wide orderbook here between supply & demand,” he noted about liquidity conditions on largest global exchange Binance.
Earlier, Skew noted that the current point of equilibrium (EQ) for the Binance BTC/USDT pair had been $97,000.
An optimistic prognosis came from fellow trader Roman, who, on daily timeframes, eyed a “completely reset” relative strength index (RSI).
The result, he told X followers, should be a “clean move” to the area around $112,000.
The popular trader known as Johnny on X had similar plans, seeing continued strength following Bitcoin’s repeated bounces in the mid-$90,000 zone.
Fed rate cut increasingly “baked in” after CPI
The mood was helped by the November print of the US Consumer Price Index (CPI) conforming to expectations.
In the absence of further surprises on inflation, markets cemented their expectations of the US Federal Reserve cutting interest rates by 0.25% at its upcoming meeting on Dec. 18.
“86% of FED watchers think a 25bps rate cut is baked in for the December 18th FOMC meeting,” Keith Alan, co-founder of trading resource Material Indicators, commented alongside data from CME Group’s FedWatch Tool.
“Watching to see how today’s reports influence the market’s perception of the likelihood of getting that cut next week.”
Prediction platform Kalshi, meanwhile, saw users just as convinced, with the odds of a 0.25% cut at 95% at the time of writing.
Source: Cointelegraph
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