Originally published on: December 11, 2024
Bitcoin has surged above the $100,000 mark following a recent funding reset and the return of the Coinbase premium. Analysts are now eyeing a potential move towards $110,000 as the cryptocurrency market continues to show strength.
The push back to $100,000 coincided with the release of the November Consumer Price Index (CPI) report, which revealed a slight increase in inflation in the US. Despite concerns about CPI data and FOMC meetings, traders seem bullish on Bitcoin’s potential to continue its upward trend.
The return of the Coinbase premium signals renewed interest in Bitcoin, with spot bids driving the price higher. Traders have also observed significant liquidations in the futures market, further supporting the cryptocurrency’s climb above $100,000.
Currently, Bitcoin faces resistance around the $101,500 range, but with sustained pressure, analysts believe another wave of liquidations could propel BTC closer to its all-time high. As the market remains volatile, investors are advised to conduct their own research and exercise caution when making trading decisions.
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