Rate cut "locked in" next week? Nasdaq hits record 20,000, Bitcoin tops $101,000
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Rate cut "locked in" next week? Nasdaq hits record 20,000, Bitcoin tops $101,000
Overall, multiple analysts are optimistic about Bitcoin's future price trend.
Navigating Web3 tides with focused insightsBy BitpushNews
Following the release of U.S. November Consumer Price Index (CPI) data, both U.S. equities and the crypto market rose.
The U.S. November CPI increased 2.7% year-over-year, up slightly from October’s 2.6% and in line with market expectations. On a monthly basis, November’s CPI rose 0.3%, marginally higher than the previous month’s 0.2%. Core CPI rose 3.3%, unchanged from October.
Data from the FedWatch Tool indicates that the probability of the Federal Reserve cutting interest rates by 25 basis points at its next meeting has risen to over 96%.
As of Wednesday's market close, the Dow Jones Industrial Average was down 0.2%, while the S&P 500 gained 0.8%, and the Nasdaq Composite surged 1.77%, closing above 20,000 for the first time. Tesla (TSLA.O) and Google (GOOG.O) both rose more than 5.5%, hitting new all-time highs.
In the crypto market, Bitcoin rebounded above $101,000, gaining over 6% in the past 24 hours. During the same period, XRP, Solana (SOL), and Cardano (ADA) rose by 23%, 11%, and 16%, respectively.
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), dogwifhat (WIF), BONK, and FLOKI posted double-digit gains. AI-themed tokens also rose over 7%, with NEAR, ICP, and Render increasing more than 10%.
Institutional Buying on Dips
Data from Sosovalue shows institutional investors are seizing the opportunity to buy the dip. On December 10, inflows into U.S. spot Bitcoin ETFs reached $439.5 million. U.S. spot Ethereum ETFs recorded their third-largest daily inflow ever, totaling $305.7 million. According to Arkham monitoring data, BlackRock and Fidelity ETFs purchased over $500 million worth of ETH within the past 48 hours.
Traders: BTC’s Next Target Around $112,000
Prominent trader Skew noted that the market is currently in a state of supply-demand balance and emphasized the presence of "passive buyers" supporting prices. He also pointed out strong bid and ask activity around $97,000 on Binance, the world’s largest cryptocurrency exchange.
Another trader, Roman, analyzed the daily chart and stated that the Relative Strength Index (RSI) has fully reset, signaling the potential for a strong upward move in Bitcoin, with a target price around $112,000.
Well-known trader Johnny added that Bitcoin has repeatedly bounced back around $95,000, indicating solid support, and could continue to rise.
Chart analyst Upadhyay believes Bitcoin’s strong rebound from the 20-day moving average (around $96,133) reflects continued bullish momentum. A decisive breakout above the resistance zone between $101,351 and $104,088 would further confirm the uptrend, potentially pushing Bitcoin toward $113,331 and even challenging the $125,000 level.
However, if prices fall below the 20-day moving average, it could trigger profit-taking and lead to a pullback toward the $90,000 region. Therefore, $90,000 remains a key battleground between bulls and bears and an important support level.
Overall, multiple analysts remain optimistic about Bitcoin’s future trajectory. While short-term volatility may occur, the broader trend continues to favor the bulls.
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