#Bitcoin breaks through $96,000#
Hot Topic Overview
Overview
Bitcoin price surged past $96,000 on Tuesday, gaining over 3%, driven by a weaker-than-expected U.S. Producer Price Index (PPI) reading and market expectations of potential Trump support for the crypto industry. Dogecoin and Ripple led the altcoin rally, climbing by 6%-7%. However, markets are still closely watching the Consumer Price Index (CPI) report due Wednesday, which could impact the Fed’s policy trajectory this year and potentially lead to market volatility. Despite this, bullish sentiment around Trump's long-term views on crypto persists.
Ace Hot Topic Analysis
Analysis
Bitcoin has broken through $96,000, driven by strong performances from Dogecoin and XRP, and a lower-than-expected US producer price index (PPI) reading. Despite recent surges in bond yields and dollar volatility, Bitcoin remains consolidating above $90,000. Traders are watching the consumer price index (CPI) report due Wednesday, which could have a significant impact on the market and provide further clues on the Fed's policy direction this year. In addition, the inauguration of Donald Trump could also impact the market, as people are expecting actions from him in support of cryptocurrencies. While some analysts believe the inauguration could be a selling opportunity for Bitcoin, others believe Trump's impact on Bitcoin will be long-term bullish.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin broke through $96,000, supported by US Producer Price Index (PPI) data that came in below expectations, and fueled by expectations that Donald Trump may support the cryptocurrency industry.
Traders are watching for the latest batch of US inflation data, especially the Consumer Price Index (CPI) report released on Wednesday, which could influence the Federal Reserve's policy direction this year.
Dogecoin and Ripple led the gains in major altcoins, rising 6%-7%.
While Trump's inauguration may impact the market, K33 Research believes that unless there is a substantial momentum recovery in the next six days, the incentive to sell BTC at the inauguration is much lower.