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Bitcoin Rebounds Above $97K Ahead Of CPI Release – What To Expect
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Bitcoin Rebounds Above $97K Ahead Of CPI Release – What To Expect

Sebastian Villafuerte
Sebastian Villafuerte
4 months ago
3 mins read
Bitcoin Rebounds Above $97K Ahead Of CPI Release – What To Expect

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Bitcoin has kicked off the week with notable volatility, showcasing the market’s unpredictability. After a sharp 6% decline that took the price to fresh lows around $89,100, BTC staged an impressive recovery, surging 9% to reclaim the $97,000 level. This rapid rebound highlights both the resilience of Bitcoin and the cautious sentiment among investors navigating uncertain market conditions.

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The crypto market now turns its focus to today’s Consumer Price Index (CPI) report, a key economic indicator that will provide insights into inflation trends. Expectations are leaning toward a potential rise in inflation, a scenario that could heavily influence Bitcoin’s price trajectory as investors assess its role as a hedge against economic instability.

Top analyst Jelle weighed in on the current market dynamics, sharing a technical analysis that suggests Bitcoin is likely to encounter “bumpy conditions for a while” before finding a smoother path higher. According to Jelle, the current consolidation phase may set the stage for a bullish continuation once inflation data and market reactions settle.

As Bitcoin hovers near critical resistance levels, the CPI report’s outcome will be pivotal in determining whether BTC can sustain its recovery or faces renewed pressure. Investors are bracing for a dynamic day ahead.

Bitcoin Builds Momentum Amid Volatility 

Bitcoin is beginning to excite bulls as recent price action signals potential strength. The cryptocurrency has displayed a classic trend reversal pattern characterized by high volatility, significant trading volume, and rapid flash crashes followed by swift recoveries. This combination of factors often precedes major price moves, and many investors are now turning optimistic about Bitcoin’s outlook.

With the Consumer Price Index (CPI) report set to be released later today, market participants brace for a volatile session. The report, which offers insights into inflation trends, could heavily influence Bitcoin’s price trajectory.

Top analyst Jelle shared a technical analysis on X, highlighting that Bitcoin’s reclaim of the $97K level is a promising development. While he expects volatility to persist as the report comes out, Jelle remains confident that BTC will continue to climb higher in the weeks ahead.

Bitcoin reclaims $97K | Source: Jelle on X
Bitcoin reclaims $97K | Source: Jelle on X

Adding to the uncertainty is the broader macroeconomic backdrop. As President-elect Donald Trump prepares to assume office on January 20, the market faces a mix of fear and uncertainty. This political transition has heightened investor caution, further influencing Bitcoin’s movements.

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Despite these challenges, the resilience Bitcoin has shown in recent days bolsters the bullish case. If BTC maintains its upward trajectory, it could pave the way for substantial gains as economic and political events unfold in the coming weeks.

Price Holds Near $97K

Bitcoin is trading at $97,000 following an impressive 9% recovery from its recent low of $89,164. This surge demonstrates renewed bullish momentum, but BTC now faces a critical challenge as it tests the 4-hour 200 moving average at $97,400. This technical indicator is often viewed as a key measure of short-term strength and trend direction.

BTC testing the 4H 200 MA | Source: BTCUSDT chart on TradingView
BTC testing the 4H 200 MA | Source: BTCUSDT chart on TradingView

A successful reclaim and stabilization above this level could act as a springboard for Bitcoin to push toward and potentially surpass the $100,000 psychological milestone. Such a move would likely fuel further market optimism and reinforce the narrative of a strong bullish trend resuming.

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However, the situation remains delicate. Losing support at $95,500 could signal a weakening of bullish momentum and open the door for a deeper correction. In that case, Bitcoin could retest lower demand zones, which might shake investor confidence and extend the current consolidation phase.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Reason to trust

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