Originally published on: December 11, 2024
Bitcoin managed to break through the $100,000 mark again following positive macroeconomic data in the United States on Dec. 11. The cryptocurrency saw a nearly 4% gain on the day, with traders predicting further upward movement.
Despite some initial struggles, BTC/USD reached six figures, disregarding previous setbacks like Microsoft’s Bitcoin treasury rejection. Skew, a popular trader, pointed out a “passive buyer” driving up the price amidst favorable liquidity conditions on Binance.
Analysts like Roman and Johnny are optimistic about Bitcoin’s future, with expectations of hitting $112,000 in the near term. Roman highlighted a reset relative strength index (RSI) on daily timeframes, suggesting a clean move to the target price.
Market sentiment was buoyed by the November US Consumer Price Index (CPI) meeting expectations, leading to assumptions of a 0.25% interest rate cut by the US Federal Reserve in its upcoming meeting on Dec. 18.
According to data from CME Group’s FedWatch Tool and prediction platform Kalshi, the likelihood of a rate cut stands at 95%, further boosting investor confidence in Bitcoin’s potential growth.
This article serves as informative content and does not provide investment advice. All trading decisions should be made after thorough research and analysis. Stay tuned for more market insights by subscribing to our newsletter.
