The Fed's interest rate cut next week is almost certain, and Bitcoin returns to $100,000! Traders cheer: Keep pushing to $110,000

The latest official data shows that due to the US inflation data meeting market expectations, investors are increasing their bets that the Federal Reserve (Fed) will announce a rate cut next week, and BTC has rebounded strongly, returning to the $100,000 mark.

The US Bureau of Labor Statistics data shows that the Consumer Price Index (CPI) rose by 2.7% in November, while the core CPI, which excludes food and energy, rose by 3.3% year-on-year, in line with expectations. Market expectations for a Fed rate cut next week have also risen sharply.

CME's FedWatch Tool shows that traders believe there is a 92% probability of the Fed cutting interest rates by 1 basis point (0.25%) next week.

After the release of the US inflation data, the three major US stock index futures soared in a straight line, and gold rose in sync. BTC surged from $98,000 all the way to reclaim the $100,000 mark, reaching a high of $101,960.

As of press time, the trading price of Bitcoin (BTC) is $100,734, up 4.9% in the past 24 hours.

When commenting on the recent market trends, well-known trader Skew pointed out that there is a large number of orders between the supply and demand sides of the market, and there are 'passive buyers' pushing up the price of the coin.

Another trader, Roman, believes that the Relative Strength Index (RSI) has completely reset, indicating that BTC may experience a strong rally with the price reaching $112,000.

$BTC 1D

Got the correction down to our diagonal uptrend line to hold as support and now we’re continuing our path upwards.

Should see a clean move to 112 area or above with stoch & RSI completely reset.#bitcoin #cryptocurrency #cryptonews pic.twitter.com/qO4F3jFAYZ

— Roman (@Roman_Trading) December 11, 2024

Famous trader Johnny made similar points. He mentioned that BTC has rebounded multiple times in the range of $90,000 to $98,000, indicating strong support and continued upward momentum.

〈Fed rate cut next week is almost a foregone conclusion, BTC returns to $100,000! Traders shout: continue to rush 110,000" This article was first published in "Blockers".