Bitcoin News Today: Will BTC Price Reach $100K or Face a Sharp Correction Soon?

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Lately, the Bitcoin market has shown aggressive growth; in the last 24 hours alone, it has climbed by at least 9.5%. Many expect that the market will cross the $100K mark soon. In a recent post on X, cryptocurrency analyst Michael van de Poppe highlights some key factors that Bitcoin short-term traders should keep an eye on. Let’s examine the factors! Ready? 

Bitcoin Reaches $88,000: A New Milestone 

Post the US presidential election, the BTC market has surged sharply by nearly 30.14%. In the last seven days, the market has recorded an increase of 29.8%. Now, the Bitcoin price stands at $88,244.01. The growth of Bitcoin has positively influenced the entire crypto market. The crypto market has registered a notable rise of 5.5% in the last 24 hours.  

Bitcoin CME Gap at $77,000: Implications for Market Movements 

The Bitcoin CME Futures chart shows the presence of a huge gap around the $77,000 level. Historically, gaps can lead to retracements as markets often fill these gaps over time. 

On November 8, the Bitcoin CME Futures market closed at a range of $77,305. On the next working day (November 11), the market opened at $81,205. Right now, the price remains at the level of $89,200. 

Upcoming CPI Report: A Key Economic Event 

The US CPI report is set to be released on November 13. Last month, the index was at $315.3 Points – slightly higher than the August range of 314.8 Points. At the beginning of this year, the index was at 308.417 Points. Since then, it has grown consistently. Though during the first three months, the growth was sharp, later it has been comparatively moderate. The Trading Economics forecast says that this time the index will climb slightly to 315.7 Points.

CPI data often influences market sentiment, especially if inflation numbers are surprising. 

FOMO Drives Bitcoin Market Sentiment

Poppe notes that the sharp growth of Bitcoin has triggered FOMO. This implies that the market will see a sharp increase in the rate of traders entering the market due to the fear of missing out.

BTC Day Traders and Short-Term Investors: Caution Advised  

Poppe advises that day traders should wait for a potential price dip for a better entry point. Many believe that the Bitcoin market may experience extreme volatility shortly. Some think that the Bitcoin price may see a sharp correction before beginning a massive rally. 

In conclusion, with Bitcoin at the $88,000 level, market watchers have a lot to consider, from the CME gap to the upcoming CPI report.