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

Bitcoin (BTC) returned to $100,000 after the Dec. 11 Wall Street open as on-point US 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 had noted that the current point of equilibrium (EQ) for the Binance BTC/USDT pair was $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.

Source: Johnny/X

Fed rate cut increasingly “baked in” after CPI

The mood was helped by the November print of the US Consumer Price Index (CPI) conforming to expectations.

Related: Bitcoin 'Choppiness' index hints $110K BTC price will be tough to crack

In the absence of further surprises on inflation, markets cemented their expectations of the Federal Reserve cutting interest rates by 0.25% at its upcoming meeting on Dec. 18.

“86% of FED watchers think a 25bps rate cut is baked in for the December 18th FOMC meeting,” Keith Alan, co-founder of trading resource Material Indicators, commented alongside data from CME Group’s FedWatch Tool. 

Fed target rate probabilities. Source: CME Group

Prediction platform Kalshi meanwhile saw users just as convinced, with the odds of a 0.25% cut at 95% at the time of writing.

Source: Kalshi

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