The post Bitcoin (BTC) Breakout Stalls: What’s Next for Cryptocurrency? appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) reacted well to mixed US CPI data on Wednesday, and a surge to over $100,000 was the result. However, the surge appears to have run out of steam and another rejection is starting to take place. A higher low is the next target for bulls.  Market surges on US CPI data  Bitcoin’s reaction to the release of the December US inflation figures was certainly positive, as the king of the cryptocurrencies surged $4,000 to end the day above $100,000. The data was mixed, given that year-on-year CPI consumer inflation accelerated from 2.7% to 2.9%. However, core inflation dropped slightly from 3.3% to 3.2%. As a result, a cut in interest rates for the end of the month is unlikely. It wasn’t just Bitcoin that was buffeted by this macro gust of wind. The S&P 500, which had looked as though it was about to drop out of an ascending channel it has been following since mid-2023, rocketed up from the bottom and put on 3% for the day. Big buy from U.S. Spot ETFs on Wednesday One of the bigger buys from the U.S. Spot Bitcoin ETFs was fuel to the fire on Wednesday. A total of 7.82K BTC was purchased across the 10 ETFs, with Fidelity’s FBTC fund easily taking the lion’s share with a 4.80K purchase. $BTC rejection Source: TradingView As can be seen on the daily time frame, $BTC reached the descending trendline of the triangle and was not able to break through. A rejection is currently taking place, and the price is sitting atop what could become reasonable support at $99,000. This probably won’t hold for long, and a deeper descent is more likely to occur. Nevertheless, things are starting to look more rosy for the Bitcoin price. If $BTC can avoid making a…

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Filed under: News - @ January 18, 2025 2:24 am