Bulls hold the key position, Bitcoin may hit 100,000 on Thanksgiving
On November 15, Bitcoin hovered near the key low point, and bulls are trying to turn the historical high into a new support.
A look at the BTC price chart shows that Bitcoin has been adjusting in the past two days. Although the historical high has been broken, the support level above 90,000 yuan is still hanging.
As soon as the PPI data from the United States came out, the theory of stagflation emerged again, and the price of Bitcoin also cooled down a bit. After hitting a new high on November 13, the market began to pull back, and the price below 87,000 became the focus of everyone's attention again.
PPI rose by 2.4%, 0.1% more than expected. This time, inflation has risen again. A trading resource called Kobeissi Letter said that PPI and CPI are both rising, and core inflation has exceeded 3%, and the Fed's work is not done yet.
Risk assets and cryptocurrencies seem a bit shaky now, but a new round of hawkish financial policies has returned to the traders' attention due to rising prices. Whether the Fed will cut interest rates in December is now uncertain. On the 15th, the probability of a rate cut was only 58%, and it was 82% the day before.
Another thing to mention is that with rising prices and a weak labor market, the Fed may have a headache about stagflation. Raising interest rates is afraid of recession, and lowering interest rates is afraid of more severe inflation. It is really a dilemma.
Bitcoin is a bit lacking in momentum due to inflation data and the words of the Fed chairman. Analysts are saying that the price must be maintained at around 87,000. A trader Skew said that these low points are likely to be supported by a buyer, and the price is almost 87,000.
There is also an aggressive seller who is trying to push BTC/USD even lower. However, Keith Alan, co-founder of Material Indicators, said that it is actually good for Bitcoin to return to around 86,000, so that we can see whether its "Trump rally" can reach 100,000, or whether it can only be popular for 5 minutes.
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