SushmeelaBitcoin has increased by about 6.6% in a given day, regaining its psychological threshold above $100,000 as the US Consumer Price Index (CPI) figures came in on forecasts.
Markets cheered as the probability of the Federal Reserve’s following through with hints of further cuts in rates continues to be believed while supposedly under control inflation has been reported.
On Wednesday, the United States Bureau of Labor Statistics reported that the CPI jumped 0.3% in November and 2.7% year on year, in line with expectations. Bitcoin, Ethereum (ETH) and Solana (SOL), other digital assets in the top 100, buoyed by the news.
Pseudonymous crypto analyst TechDev posts on the social media site X that BTC, based on the Chaikin Money Flow (CMF) indicator, which is a volume-weighted average of accumulation and distribution within a given time period, is entering a period where most of its gains are produced.
Early January. Year 2021. BTC was then at week four of price discovery. ETH was at 20% under all-time highs. The DOGE was at its first pause, and the BTC.D had been reversed.
During the next four months, as capital changed, there was a historic altcoin run.
Likewise, TechDev shares another chart that measures all digital assets’ market cap except the top 10 and also used to analyse altcoin strength. OTHERS is said to have just printed a classic Wyckoff accumulation pattern, suggesting yet another imminent leg up for altcoins.
Early December, Year 2024. Bitcoin is right now in its fifth week of discovering its value. ETH is 20-pct lower than all-time highs. DOGE is at its first pause, and the Bitcoin dominance chart had been reversed.
