After a rocky start to the week, Bitcoin (BTC) made a strong push above $100,000, and a handful of analysts expect BTC to make a run at the $110,000 level.
The move back to $100,000 comes as the November Consumer Price Index (CPI) report showed a slight uptick in inflation in the United States. Historically, crypto traders have had a tendency to risk-off days ahead of CPI prints and the US Federal Reserve Federal Open Market Committee (FOMC) meetings before reentering the market, dependent upon the results of the data.
GM
— Alex Krüger (@krugermacro) December 11, 2024
BTC over 100K
CPI fears brushed aside
Funding fully reset across the board
Perps-spot basis negative => spot is leading
Coinbase premium strong
Things are looking good
On the more crypto-focused side, the reemergence of the Coinbase premium was an early sign that the spot bid for Bitcoin was back and that the price might make a run toward the range highs in the short term.
BTC/USD 4-hour chart. Source: TRDR.io/Cointelegraph
Related: Is Bitcoin topping out? Gold fractal hints at 35% BTC price correction ahead
In addition to a strong spot bid on Dec. 11, liquidations within the futures market also played a role in the push above $100,000.
BTC/USDT 1-hour chart. Source: Velo.xyz/Cointelegraph
Currently, BTC’s price has run into a block of asks in the $101,500 range, and futures liquidation data from CoinGlass suggests that traders will need to press the price in this zone if the goal is to trigger another wave of liquidations that run BTC closer to its all-time high.
Bitcoin liquidation map (all exchanges). Source: CoinGlass
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.