The U.S. CPI just rose to 2.9%, and the market is feeling it. Inflation’s creeping up again, and Bitcoin is showing strength, at least for now. As usual, macroeconomic trends are doing their thing. With the rates going up, investors would take less and less risk however for the time being btc is on fire.
Bitcoin Smashes Through Resistance
Right now, Bitcoin is hanging out between $96,000 and $97,000. Not bad, right? The CPI data dropped, and Bitcoin shot up. It’s like the market couldn’t wait to react. But here’s the big question: will it break $99.5k, or is this where the party slows down?
Technicals are pointing to a breakout. The RSI is already above 70. It’s in the “overbought” zone, which sounds scary. But with this kind of momentum, who knows? Some are even talking about a golden cross forming if Bitcoin cracks $100k. That’s usually a good sign for bulls. However, if the market takes a U-turn suddenly, we should be ready to see huge liquidations in the market.
Greed is Taking Over
The Fear and Greed Index is at 70—pure greed. And it shows. Whale activity is wild right now. In just four hours, $103 million in short positions got liquidated. Even $16 million in longs weren’t safe. This market’s ruthless.
But let’s be real, This optimism can backfire anytime. If that $99.5k resistance holds, this rally could stall. Traders tend to jump into the market as soon as they witness a movement. However, sometimes they fail to calculate the possibilities of reverse market actions.
What’s Next?
Here’s the deal. If Bitcoin keeps this energy up, $100k is not just a dream—it’s right there. But if this resistance zone holds, we might see a pullback. Either way, this CPI report is proof that macro trends still rule the crypto world.
So, what do you think? Is Bitcoin finally going to hit $100k? It feels close. Let’s wait and see.
