Analysts eye Bitcoin rally after bullish CPI print
Cryptocurrency analysts are optimistic following favorable US inflation data, which led to a 3% surge in Bitcoin (BTC) prices. The US Consumer Price Index (CPI) report indicated lower-than-expected core inflation for December, causing Bitcoin's price to rise from approximately $96,000 to nearly $100,000. Futures markets suggest a 30% chance of the Federal Reserve cutting interest rates in March, which typically benefits cryptocurrencies. Bitcoin futures for February through April have increased by 2%-3%. Analysts believe a sustained rally depends on pro-crypto policies from President-elect Donald Trump, who takes office on January 20. Since mid-December, Bitcoin's price has declined about 10% from its all-time high of around $106,000. Analysts note that the market may be ready for a relief rally, with demand remaining robust and prices above key support levels.
