Bitcoin price reclaims 6 figures on CPI relief as traders see $110K+ next

2024-12-12 11:46:09 Primitive Reading

From cointelegraph by William Suberg

Bitcoin BTC$97,604 returned to $100,000 after the Dec. 11 Wall Street open as on-point United States macroeconomic data fueled a rebound.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin traders boost BTC price targets as $100,000 returns

Data from Cointelegraph Markets Pro and TradingView tracked BTC price gains of nearly 4% on the day.

Initially struggling after the daily close, BTC/USD managed to tag the six-figure mark — traders appeared to forget the prior letdown over tech giant Microsoft’s Bitcoin treasury rejection.

Commenting on the latest market movements, popular trader Skew revealed a “passive buyer” lifting price.

“Wide orderbook here between supply & demand,” he noted about liquidity conditions on largest global exchange Binance.

BTC/USDT 30-minute chart with liquidity data. Source: Skew/X

Earlier, Skew noted that the current point of equilibrium (EQ) for the Binance BTC/USDT pair had been $97,000.

An optimistic prognosis came from fellow trader Roman, who, on daily timeframes, eyed a “completely reset” relative strength index (RSI).

The result, he told X followers, should be a “clean move” to the area around $112,000.

The popular trader known as Johnny on X had similar plans, seeing continued strength following Bitcoin’s repeated bounces in the mid-$90,000 zone.

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