After a difficult start to the week, Bitcoin (BTC) made a strong breakout above $100,000, with some analysts expecting BTC to head towards the $110,000 level.
Bitcoin Daily:
The return to $100,000 comes after the release of the November Consumer Price Index (CPI) report, which showed a slight increase in inflation in the United States. Historically, crypto traders often choose to reduce risks in the days leading up to the CPI data release and Federal Open Market Committee (FOMC) meetings of the Federal Reserve before returning to the market depending on the data results.
From a crypto market perspective, the reappearance of Coinbase’s premium was an early signal that spot demand for Bitcoin had returned, and that the price could head towards the highs of the current price range in the short term.
4-Hour BTC/USD Chart:
On December 11, strong spot demand was accompanied by liquidations in the futures market, which also contributed to the breakout above $100,000:
1-Hour BTC/USDT Chart:
Currently, BTC price is facing a block of sell orders in the range around $101,500. According to liquidation data for futures, traders will need to push the price in this zone if the goal is to trigger a new wave of liquidations that could bring BTC closer to its historical high.
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