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Will the interest rate cut be confirmed next week? Nasdaq breaks 20,000 points for the first time, Bitcoin reaches $100,000
Original title: "Is the interest rate cut "stable" next week? Nasdaq breaks 20,000 points for the first time, and Bitcoin stands at $101,000"
Original source: BitpushNews
After the release of the US Consumer Price Index (CPI) data for November, US stocks and crypto markets rose.
The US CPI data for November rose 2.7% year-on-year, higher than 2.6% in October, in line with market expectations. The monthly rate of CPI in November rose 0.3%, slightly higher than 0.2% in the previous month. Among them, the core CPI rose 3.3%, the same as in October.
FedWatch Tool data shows that the probability of the Federal Reserve cutting interest rates by 25 basis points next week has risen to more than 96%.
As of the close of U.S. stocks on Wednesday, the Dow Jones Industrial Average initially closed down 0.2%, the S&P 500 rose 0.8%, and the Nasdaq rose 1.77%, breaking the 20,000 mark for the first time. Tesla (TSLA.O) and Google (GOOG.O) both rose more than 5.5% and set new highs.
In the crypto market, Bitcoin rebounded to more than $101,000, up more than 6% in the past 24 hours, while XRP, Solana (SOL) and Cardano (ADA) rose 23%, 11% and 16% respectively during the same period.
Dogecoin (DOGE), Shiba Inu (SHIB), dogwifhat (WIF), BONK and FLOKI and other meme coins have achieved double-digit gains. AI concept tokens also rose by more than 7%, with NEAR, ICP and Render up more than 10%.
Institutional Buying on Dips
Data from Sosovalue shows that institutional investors are seizing the opportunity to buy on dips, with $439.5 million flowing into U.S. spot Bitcoin ETFs on December 10. The U.S. spot Ethereum ETF recorded the third-largest daily inflow ever at $305.7 million. Arkham monitoring data shows that BlackRock and Fidelity ETFs have purchased more than $500 million worth of ETH in the past 48 hours.
Trader: BTC's next target is around $112,000
Skew, a well-known trader, pointed out that the market is currently in a state of supply and demand balance, and emphasized that there are "passive buyers" supporting prices. In addition, he also mentioned that there are strong buying and selling orders around $97,000 on Binance, the world's largest cryptocurrency exchange.
Another trader, Roman, analyzed from the perspective of the daily chart that the relative strength index (RSI) has been completely reset, which indicates that Bitcoin may usher in a strong wave of gains, with a target price of around $112,000.
Well-known trader Johnny also said that Bitcoin has rebounded several times around $95,000, showing strong support and is expected to continue to rise in the future.
Chart analyst Upadhyay believes that the strong rebound of Bitcoin prices from the 20-day moving average (about $96,133) shows that the bulls are still strong. If the resistance range of $101,351 to $104,088 can be effectively broken, the upward trend will be further confirmed. At that time, Bitcoin is expected to hit $113,331 and even challenge the $125,000 mark.
However, if the price falls below the 20-day moving average, it may trigger profit-taking selling, causing the price to fall back to around $90,000. Therefore, $90,000 is the focus of competition between bulls and bears, and it is also an important support level.
On the whole, many analysts are optimistic about the future trend of Bitcoin. Although the market may fluctuate to a certain extent in the short term, the overall trend is still biased towards bulls.
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