US CPI is in line with market expectations, and the Fed is set to cut interest rates in December
Previously, due to Trump's victory in the US election, the market expected that Trump's economic policies after taking office might lead to a slowdown in the pace of interest rate cuts by the US Federal Reserve (Fed).
However, after the release of the October CPI, according to the CME Fed Watch tool, the market believes that the probability of the Fed cutting interest rates by 1 basis point in December has risen from 58.7% the previous day to the current 82.3%, and the probability of maintaining interest rates at the 4.75% to 5% range has dropped to 17.7%.
The "Trump deal" swept the market, with Bitcoin becoming the biggest winner, with its price reaching a record high of $93,265, but it failed to maintain its upward momentum.
With the release of CPI data, expectations of further interest rate cuts in December were strengthened. Bitcoin once again gained momentum last night, breaking through the $93,000 mark at 00:15 today (14), reaching a high of $93,263. However, selling pressure subsequently emerged, and the price even fell back to $88,000 earlier, trapping many users who chased the rise after seeing the new high.
According to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidation on the entire network reached US$847 million, with long positions liquidated at US$520 million and short positions liquidated at US$326 million. More than 250,000 people were liquidated, which can be said to be a double kill of long and short positions.
CoinTelegraph pointed out that the price of Bitcoin broke through $93,000, showing the market's strong interest in higher levels, but there is no sign of slowing down. According to Farside Investors data, the inflow of funds into US Bitcoin spot ETFs reached $4.22 billion between November 6 and November 12.
Fadi Aboualf, head of research at Copper.co, said in an interview that the price of Bitcoin could reach $100,000 by "the time of the presidential inauguration" on January 20.
However, some analysts are cautious in the short term, believing that Bitcoin needs to take a breather before continuing to rise.
“Bitcoin needs to slow down and build some structural support in a new range,” said Keith Alan, co-founder of Material Indicators.
Bitcoin is in a strong uptrend, which has pushed the relative strength index (RSI) into the overbought zone. This increases the probability of a minor pullback or consolidation in the short term.
On the downside, the immediate support is $85,000. If the price turns down and breaks below $85,000, the short-term bulls are likely to book profits. This could start a correction to the 20-day exponential moving average at $76,451.
The $93,554 level is likely to act as a resistance but if the bulls break above this level, Bitcoin could surge towards the psychological resistance of $100,000. If this level is breached, the next stop could be $113,331.
There is a popular saying in the market these days: Bitcoin is rising so much? Is it going to be listed on Binance?
Although it is a joke, it reveals the current situation of the market. It seems that MEME has become the only way to get rich in the cryptocurrency circle. Bitcoin has been fluctuating sideways for 8 months after reaching its peak in March, shocking countless friends. The entire cryptocurrency circle is like a stagnant pool of water, and the copycats have trapped batches of brave bargain hunters. The main problem is:
1 Submerged
2 No increment
3. No endogenous narrative
Now, the water is gradually coming, and the increase in Bitcoin is fully reflected in the ETF; but is MEME the endogenous narrative of the currency circle?
meme god coin
1. Binance’s Magic Coin
$pnut is currently the new king and has been talked about a lot. This is a target that can make millions of dollars by buying it directly after it is listed on Binance.
$act is similar, both of them are. Here is the judgment when Binance was launched, which is still valid today. It is also rare for me to give a target expectation.
$doge is also strong, but there is no need to say more. It also had legal gains yesterday. In addition to the increase in the price, the main thing from this target is the confirmation of Musk's super power, which helps us judge various related tokens later.
2. Other Musk Narratives
There are two extremely strong targets. The market is currently in chaos and there may be opportunities.
1、 $Banana
Musk graffitied the banana cartoon (Peanut Butter Time) that was once popular all over the world on the S31 Starship. This is a popular music IP. It has 220 million views on YouTube, more than 1 million likes, and more than 70,000 comments. Among foreigners, it is a "children's song" IP for many children.
It has already increased a lot and made a group of people rich, but it may still be seriously underestimated because this banana is not an ordinary banana. Musk has doodled on it at Tesla's press conference and on many other occasions, and this doodle will attract further attention in future rocket launches.
2. $doge (Ministry of Government Efficiency)
This is not a big doge, but an independent government efficiency department, which Musk is about to take office. There are two targets with large pools, strong consensus, locked liquidity, and they have been washed many times.
They are 0x1121acc14c63f3c872bfca497d10926a6098aac5 on eth respectively.
From 140 million when it was launched to 410 million
9TY6DUg1VSssYH5tFE95qoq5hnAGFak4w3cn72sJNCoV on sol
When I sent it out in the group yesterday morning, it was just over 10 million, and today it is already over 70 million. Pnut is certainly cool, but with small funds in Banana and Sol, as long as I keep up in these two days, I will go from zero to A8 - those who cannot make money do not understand the power of belief.
3、TERMINUS
This is the concept of Mars City. In fact, it has been washed a lot. At present, many people will misunderstand that it is Li Ping's target. After analyzing the chain and other things, it is not actually Li Ping's target. They are just builders. And this target is only more than 20 million at present. In fact, it is very likely to be the same as d.o.g.e., no one is interested before it rises, and once it starts to rise, there will be no chance to get on board.
The total market value of the MEME sector in the top 100 projects by market value has reached 110 billion US dollars, of which $DOGE $SHIB accounts for 70%, and the other 11 account for 30%. It really fits the saying that value investment is a waste of money, and all-in MEME lives in the palace.
The combined market value of these MEME coins exceeds that of SOL. Is this a good thing or a bad thing? Will the PVP continue and the overall increase be 5 times higher than that of ETH? Or can $DOGE completely kill SOL in this cycle? Although the overall market value is so strong, Bitcoin's market value share has not changed much. To shake this share, it needs Ethereum and altcoins to take off together, not just MEME coins. So it is not strictly speaking altcoin season now, but just a MEME feast~
There is no sign of ETH's strength at the moment, so a real general rise may still take some time. I hope Vitalik can get stronger sooner.
