Bitcoin surged past the $100,000 mark again on December 11, riding high on promising U.S. economic data that provided relief for traders. According to Cointelegraph, the price of Bitcoin (BTC) reached $97,604 but quickly rebounded to above six figures as the U.S. Consumer Price Index (CPI) print met expectations. This sent Bitcoin prices up nearly 4% on the day, proving that even after some initial setbacks, the market remains bullish.
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Traders Eye $110K with Optimism
Bitcoin traders have upped their targets, with several predicting that the cryptocurrency could soon hit $110,000. “A completely reset RSI suggests a clean move to around $112,000,” noted popular trader Roman on X, a platform previously known as Twitter. Meanwhile, another trader, Skew, highlighted strong liquidity conditions, particularly between supply and demand zones on Binance, which could fuel further upward movement.
CPI Data Gives a Boost to Bitcoin Prices
The mood in the market also benefitted from the latest U.S. inflation data. The November CPI came in as expected, which led many to expect the Federal Reserve to ease interest rates by 0.25% in its December meeting. “86% of Fed watchers think a 25bps rate cut is baked in for the December 18th FOMC meeting,” commented Keith Alan of Material Indicators. This optimism about a rate cut also gave Bitcoin’s price momentum, as lower rates could improve liquidity and boost risk assets like Bitcoin.
At the time of writing, Bitcoin is sitting at $100,603.98.
