Alert đ¨ đ¨ Bitcoin $BTC Moves Closer to $100K as US Dollar Weakens on CPI Relief đŽâđ¨ đŽâđ¨
Bitcoin's price has surged toward the $100,000 mark, driven by positive US economic data that has alleviated inflation concerns. On January 15, Bitcoin rose by 3%, reaching nearly $99,700, bouncing back from recent lows. The rally comes after the December Consumer Price Index (CPI) data, which showed inflation in line with expectations and helped calm market fears.
With inflation data meeting forecasts, traders regained confidence, and the US dollar weakened, further supporting Bitcoin's rise. Analyst Daan Crypto Trades noted that the "good CPI print" had helped ease inflation worries, boosting risk assets like Bitcoin.
However, caution remains in the market. QCP Capital, a trading firm, warned that Bitcoin could still dip to the $90,000 support level, pointing to global market uncertainty and the potential for volatility. Additionally, Matthew Hyland, a market commentator, observed that Bitcoin's Bollinger Bands are at their tightest in a year, signaling potential for more price swings.
As Bitcoin nears a critical price point, traders are watching closely to see if the momentum can be sustained or if a pullback is on the horizon.
