Originally published on: November 27, 2024
Bitcoin made a strong comeback on Nov. 27, surging by nearly 4% to prevent a decline to weekly lows. The BTC/USD chart indicated a push to reclaim the $95,000 support level, showing renewed strength as key US macroeconomic data aligned with expectations.
With jobless claims and the PCE Index meeting forecasts, markets gained confidence in a potential interest rate cut next month. The odds of a 0.25% decrease stood at 66%, according to CME Group’s FedWatch Tool.
While concerns about inflation remained, Bitcoin continued its upward trajectory, recovering from earlier losses in the week. Market analysts noted a surge in passive buyers and stable liquidity levels around $85,000.
Debates over Bitcoin’s price target of $100,000 continued among traders, with some cautious about reaching the six-figure mark due to a significant sell wall. However, technical indicators like the MACD suggested a bullish outlook, with predictions of Bitcoin hitting $100,000 in the near future.
Despite differing opinions, traders anticipated a bullish trend for Bitcoin as it defied expectations and rallied back from recent lows. As the market remains volatile, readers are advised to conduct their own research and due diligence before making any investment decisions.
