#Bitcoin breaks $96,000#
Hot Topic Overview
Overview
Bitcoin price surged past $96,000 on Tuesday, up over 3%, fueled by lower-than-expected US Producer Price Index (PPI) data and the potential for a pro-crypto executive order from President Trump. Dogecoin and XRP performed strongly, rising 6%-7%, respectively. Nonetheless, Bitcoin remains range-bound above $90,000, with traders looking ahead to Wednesday's Consumer Price Index (CPI) report, which could provide further insight into the Federal Reserve's policy path this year. Additionally, Trump's inauguration could impact the market, as anticipation builds for potential crypto-friendly actions.
Ace Hot Topic Analysis
Analysis
Bitcoin has surged past $96,000, buoyed by a broader rebound in the cryptocurrency market, with Dogecoin and Ripple leading the charge with gains of 6%-7%. The price had dipped below $90,000 earlier, but a surge in buying emerged as President Trump prepared to release an executive order supporting the cryptocurrency industry. Additionally, December’s Producer Price Index (PPI) reading, which came in lower than expected, provided further support for Bitcoin’s ascent. However, the market is still focused on Wednesday’s release of the Consumer Price Index (CPI) report, which could influence the Federal Reserve’s policy path for this year and introduce volatility. The inauguration of President Trump could also impact markets, as investors await his anticipated support for cryptocurrencies. Nonetheless, K33 Research believes that the recent selling in stocks and digital assets has diminished the appeal of selling Bitcoin during the inauguration. Overall, Bitcoin is currently trading sideways above $90,000, and its future direction remains to be seen.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin breaks $96,000, supported by US producer price index (PPI) data coming in below expectations, and fueled by expectations of a potential pro-crypto executive order from President Trump.
Traders are watching US inflation data, particularly Wednesday's consumer price index (CPI) report, which could influence the Fed's policy path this year.
Dogecoin (DOGE) and Ripple (XRP) have outperformed the broader crypto market, leading gains among major altcoins.
Despite recent market volatility, some analysts remain bullish on Trump's long-term impact on Bitcoin.