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- Bitcoin reached a new all-time high of $93,434, marking its 9th consecutive day of climbing higher.
- The release of favorable CPI data, showing a modest increase of 0.2%, triggered the rally, with hopes for a rate cut.
Bitcoin (BTC) is making headlines again, hitting a new all-time high of $93,434 for the 9th consecutive day of impressive gains. At the time of writing, Bitcoin priced at $89,880, marking a 20% surge in just one week.
This latest rally follows a significant boost after the release of the latest Consumer Price Index (CPI) data, which showed a modest 0.2% increase from September’s 2.4% to 2.6%, sparking hopes for a potential rate cut. This further fueled the rally and contributed to growing optimism about Bitcoin’s prospects.
Since Donald Trump’s victory in last week’s US presidential election, BTC has soared more than 34% from $69,322 to its current record-breaking levels. In terms of market cap, Bitcoin now holds $1.78 trillion, surpassing the oil giant Saudi Aramco and placing it as the seventh largest asset globally.
Many analysts are now predicting that Bitcoin could hit $100,000 in the coming week. There are also speculations that the cryptocurrency could even become the US reserve currency following Trump’s win.
However, attention now shifts to the implications of his policies on the crypto market and the broader U.S. economic outlook. Trump has pledged to make America the “bitcoin and cryptocurrency capital of the world.” This has led some to predict that Bitcoin could reach $100K by January 2025, when he takes office.
Further, institutional investors are flocking in, especially through newly accessible ETFs, and heavyweight players are eyeing Bitcoin as a reserve asset. Bitcoin spot ETFs reached a total trading volume of over $8.07 billion on Nov 13. BlackRock’s ETF alone set a new record, hitting $5.37 billion in volume.
Bitcoin’s Bullish Momentum and Potential for Short-Term Correction
The bullish momentum is also visible on the charts. On the 4-hour BTC/USDT chart, Bitcoin has recently broken past both the 100-day and 200-day moving averages, with the 50-day crossing above both, signaling a strong uptrend.
Now that the BTC price has reached the channel’s upper boundary, consolidation may be underway. For the short term, a period of distribution near this level is expected, followed by a slight correction back to the channel’s middle boundary around $85K. To validate this, BTC is currently priced at $89,880.
A brief correction is expected, with support zones at the Fibonacci retracement levels—around $87,655 (0.23) and $80,478 (0.5). These levels may offer a chance for profit-taking and re-entry in the mid-term.
On the other hand, Bitcoin’s CMF reading of 0.23 on the 4-hour chart indicates strong buying pressure. This supports the bullish trend—a healthy correction may offer more strategic entry opportunities.
The next key targets are $94K and $95K, which could set the stage for the much-anticipated $100K milestone.