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Interest rate stabilized? BTC returns to $100,000, analyst optimistic about breakthrough at 'this point'
After the release of the November consumer price index (CPI) in the United States, the US stock and cryptocurrency markets rose in response.
In November, the US CPI rose by 2.7% year-on-year, higher than the 2.6% in October, in line with market expectations. The monthly rate of CPI in November increased by 0.3%, slightly higher than the 0.2% in the previous month. Among them, the core CPI rose by 3.3%, the same as in October.
FedWatch Tool data shows that the possibility of a 25 basis point rate cut by the Federal Reserve next week has risen to over 96%. As of the close of the US stock market on Wednesday, the Dow fell 0.2%, the S&P 500 rose 0.8%, and the Nasdaq rose 1.77%, breaking through the 20,000 point mark for the first time. Tesla (TSLA.O) and Google (GOOG.O) both rose more than 5.5% and reached new highs.
In the cryptocurrency market, Bitcoin has rebounded to over $101,000, rising more than 6% in the past 24 hours. During the same period, XRP, Solana ($SOL), and Cardano ($ADA) have seen gains of 23%, 11%, and 16% respectively.
Image source: BitPush
Meme coins like Dogecoin ($DOGE), Shiba Inu ($SHIB), Doge With Hat ($WIF), $BONK, and $FLOKI have all achieved double-digit gains. AI concept tokens have generally risen by more than 7%, with leading AI coins like $NEAR, $ICP, and $Render seeing gains of over 10%.
Institutions buy on dips
According to Sosovalue's data, institutional investors are seizing the opportunity to buy on dips. On December 10th, the funds flowing into the US spot Bitcoin ETF amounted to $439.5 million. The US spot Ethereum ETF saw the third largest daily inflow in history, reaching $305.7 million.
Image source: BitPush
According to Arkham monitoring data, in the past 48 hours, BlackRock and Fidelity ETFs have purchased over $500 million worth of Ethereum.
Trader: The next target for Bitcoin is around $112,000
Renowned trader Skew pointed out that the market is currently in a state of supply-demand balance, and emphasized that there are "passive buyers" supporting prices. In addition, he also mentioned that on the world's largest cryptocurrency exchange Binance, there are strong buy and sell orders around $97,000.
Image source: BitPush
Another trader, Roman, analyzed the daily chart and believed that the Relative Strength Index (RSI) has completely reset, indicating that Bitcoin may usher in a strong uptrend, with a target price around $112,000.
Well-known trader Johnny also said that Bitcoin has rebounded around $95,000 multiple times, showing strong support and is expected to continue to rise in the future.
Chart analyst Upadhyay believes that the Bitcoin price has rebounded strongly from the 20-day moving average (approximately $96,133), indicating that the bullish momentum is still strong. If it can effectively break through the resistance range of $101,351 to $104,088, it will further confirm the upward trend. At that time, Bitcoin is expected to target $113,331 and even challenge the $125,000 mark.
Image source: BitPush
However, if the price falls below the 20-day moving average, it may trigger profit-taking, leading to a drop in price to around $90,000. Therefore, $90,000 is the focus of contention between bulls and bears, and also an important support level.
Overall, several analysts are optimistic about the future trend of Bitcoin. Although there may be some short-term market volatility, the overall trend still leans towards bullish.
【Disclaimer】There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. Investment based on this is at your own risk.
This article is authorized for reprint from: "PANews"
Original Author: BitPush
"Interest rate stabilized? Bitcoin returns to 100,000 pounds, analysts are optimistic about breaking 'this point'." This article was first published on 'Crypto City'.