Analysts eye Bitcoin rally after bullish CPI print
Sustained outperformance may hinge on whether US President-elect Donald Trump implements pro-crypto policies once he takes office on Jan. 20.
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Sustained outperformance may hinge on whether US President-elect Donald Trump implements pro-crypto policies once he takes office on Jan. 20.
A “power of 3” pattern popped up on Bitcoin’s chart, suggesting that prices above $100,000 will occur before President-elect Trump takes office.
Bitcoin futures markets may still be overheated, and a hotter-than-expected CPI could trigger further drawdowns, Steno said.
10x Research’s founder Markus Thielen said the Federal Reserve’s decisions remain Bitcoin’s “primary risk” slowing it from another price surge.
Bitcoin derivatives metrics shifted as BTC price fell under $59,000 today. Are lower prices incoming?
Bitcoin arguably stands to benefit from macro data upheaval as US CPI and jobless data diverges in a “nightmare” for the Federal Reserve.
The rise came immediately after Bolivia’s central bank lifted a 42-month ban on cryptocurrency payments, allowing financial entities to conduct transactions with digital assets.
Bitcoin’s perpetual funding rate shows lack of confidence from bulls, but options markets are displaying resilience.
BTC price weakness continues, taking BTC/USD below $56,000 despite the smallest year-on-year CPI increase since February 2021.
Bitcoin bulls are caught between a disappointing US Presidential debate and classic pre-CPI BTC price pressure.
