Bitcoin has recorded impressive gains over the past 24 hours, officially surpassing the $100,000 mark. The rally came after the Bureau of Labor Statistics released new inflation data, showing that consumer prices rose as expected in December, while core inflation continued to decline.
The last major hurdle for the market – persistent inflation – has now been cleared. With steady signs of cooling inflation, this is the information the market has been waiting for to confidently break through the key resistance level of $100,000 for Bitcoin.
Looking ahead, analysts believe that Bitcoin will continue to grow strongly. Analyst Crypto Dan asserts that the bull market is still maintaining positive momentum.
Short-term SOPR data shows corrections, reflecting profit-taking from large whales – a factor that often prolongs corrections. However, profit-taking volumes were significantly lower this time compared to March, suggesting that this correction is likely to be shorter and less impactful.
Read more: Thailand Nears Approval for Bitcoin ETFs
In December, when the US Federal Reserve signaled that it would slow the pace of interest rate cuts this year, Bitcoin prices fell from a peak of $108,000. Signs of US economic strength fueled inflation concerns, sending Bitcoin below $90,000 on Monday. However, with the emergence of positive macroeconomic news, Bitcoin quickly recovered and resumed its current uptrend.
