Bitcoin Price Analysis: BTC Above $100K; US CPI Fuels Price Momentum and ETF Optimism

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

December 12, 2024

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Bitcoin is trading at $100,898, reflecting a slight 0.27% decline on Thursday but maintaining its position above the critical $100,000 level. The cryptocurrency recently surged to $101,413.74 following the release of U.S. November inflation data.

The CoinDesk 20 index revealed a 6% growth across the cryptocurrency market, with Bitcoin and Ethereum recording gains of 5%.

However, Ethereum remains below its key $4,000 resistance. Notably, crypto equities such as Coinbase and MicroStrategy saw increases of 3% and 9%, respectively, signaling a broader market recovery. Analysts predict Bitcoin could hit $200,000 by 2025, further boosting investor optimism.

SEC Considers Bitcoin and Ethereum ETF Proposal

In a pivotal development, the SEC advanced NYSE Arca’s application to launch the Bitwise Ethereum and Bitcoin ETF. This dual crypto ETF aims to provide investors with balanced exposure to both digital assets, potentially drawing significant capital into the market.

The SEC has opened the proposal for public comment, with analysts suggesting the move could pave the way for more crypto index ETFs following earlier Bitcoin fund approvals. Market sentiment remains positive as the ETF approval could bolster institutional trust and fuel Bitcoin’s price momentum.

Potential Regulatory Shift with CFTC Leadership Change

The regulatory landscape could undergo a significant transformation with Brian Quintenz, the current crypto policy lead at Andreessen Horowitz, emerging as a top contender for the CFTC chair. Quintenz’s expertise in bridging traditional finance and digital assets positions him as a pro-crypto leader.

His potential appointment is expected to foster a more transparent regulatory framework, encouraging greater institutional investment in cryptocurrencies. Investors view this development as a catalyst for long-term market growth and regulatory clarity, further reinforcing Bitcoin’s bullish outlook.

Bitcoin Holds Firm Above $100K Amid Symmetrical Triangle Breakout

Bitcoin remains above the key psychological support of $100,000, consolidating after a symmetrical triangle breakout on the 2-hour chart. The breakout triggered a bullish push, but prices are now testing critical resistance levels.

Immediate resistance is seen at $101,930, followed by $103,700 and $106,500. On the downside, support levels are observed at $99,750, $98,850 (aligned with the 50-day EMA), and $97,800.

Technical indicators suggest a cautious outlook. The RSI stands at 59.20, indicating neutral-to-bullish momentum but showing potential signs of exhaustion. The 50-day EMA at $98,850 provides strong technical backing, reinforcing upward momentum as long as Bitcoin remains above this level.

The symmetrical triangle breakout signifies potential for further gains if Bitcoin can decisively break $101,930 resistance. However, failure to hold above $99,750 could signal a retest of lower support levels.
Key Insights:

• Resistance Levels: $101,930, $103,700, $106,500.
• Support Levels: $99,750, $98,850 (50 EMA), $97,800.
• RSI: 59.20, indicating neutral-to-bullish momentum.

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