BCGAME - Free 5BTC Daily Bonus!The cryptocurrency market has reacted positively this week, with Bitcoin (BTC) surpassing the $101 mark, reaching a peak of $101.764 in the last 24 hours. This movement optimistic was driven by the release of the Consumer Price Index (CPI) in the United States, which was in line with analysts' expectations.
# Bitcoin passes $100K again.
Corrections are over and the markets are back up.
That's why you use those opportunities with #Altcoins.
- Michaël van de Poppe (@CryptoMichNL) December 11, 2024
With a 5,4% increase in daily price, Bitcoin reinforces its position as a top digital asset investment option. Data from Binance indicates that Bitcoin’s all-time high remains at $104.088, while the broader cryptocurrency market has seen liquidations of approximately $365 million in the past 24 hours. The long/short position ratio has stabilized around 1:1, reflecting balanced strength between buyers and sellers.
US economic indicators continue to play a significant role in market behavior. The expectation that the Federal Reserve may soon cut interest rates has brought additional optimism to investors. According to Keith Alan of Material Indicators, “86% of analysts believe that a 25 basis point cut at the next FOMC meeting is virtually guaranteed.” The possibility of lower rates tends to increase liquidity, favoring risk assets such as Bitcoin.
Meanwhile, experienced traders have adjusted their projections, believing in a new ceiling for BTC. Some suggest that the next target could be $110. Roman, a well-known market analyst, noted that “a fully reset RSI suggests a clean move towards $112.” Furthermore, the liquidity between supply and demand zones on Binance reinforces the conditions for continued growth.
At the time of publication, the price of Bitcoin was quoted at US$100.801, up 6.3% in the last 24 hours.
However, the market remains wary of external influences, such as the impact of inflation and potential changes in US monetary policy. With Bitcoin approaching a $2 trillion market cap, the next phase will be crucial in determining the sustainability of this rally.
