Bitcoin returned to the six-figure milestone on Dec. 11, following a boost from encouraging U.S. macroeconomic data that ignited a market resurgence.
Traders Set Higher Targets as Bitcoin Hits $100K
According to data from TradingView, BTC/USD surged nearly 4% during the day.
Despite a rocky start after the daily close, Bitcoin managed to reclaim the $100,000 mark. The news overshadowed the previous disappointment surrounding Microsoft’s decision to exclude Bitcoin from its corporate treasury.
Popular trader Skew highlighted a “passive buyer” driving the price higher. Analyzing liquidity conditions on Binance, he observed a “wide order book” balancing supply and demand.
Earlier, Skew had identified $97,000 as the equilibrium price for the BTC/USDT pair on Binance, setting the stage for Bitcoin’s latest move.
Other traders shared their bullish outlooks. Roman, another prominent analyst, pointed to a “completely reset” relative strength index (RSI) on the daily chart. He projected a “clean move” towards $112,000.
Similarly, the trader known as Johnny anticipated sustained upward momentum, citing Bitcoin’s consistent rebounds from the mid-$90,000 range as a strong foundation for further gains.
CPI Data Strengthens Rate Cut Expectations
Bitcoin’s rally was bolstered by November’s Consumer Price Index (CPI) report, which aligned with market forecasts and calmed inflation concerns.
With inflation showing no unexpected surprises, traders solidified their expectations for a 0.25% interest rate cut at the Federal Reserve’s upcoming Dec. 18 meeting.
“86% of market participants anticipate a 25 basis-point rate cut at the next FOMC meeting,” noted Keith Alan, co-founder of Material Indicators. He referenced data from CME Group’s FedWatch Tool, adding that the market’s reaction to the CPI data would be crucial in shaping sentiment ahead of the Fed decision.
Prediction markets echoed this confidence, with Kalshi users pricing in a 95% probability of the same outcome at the time of writing.
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