Bitcoin trips at $90K despite CPI showing curbed US inflation: What gives?
Bitcoin approached $90,000 after U.S. November CPI inflation came in lower than expected at 2.7% year-over-year, renewing market risk appetite. The rally was driven by new long positions rather than short covering, with open interest rising. On-chain data indicates a stabilization phase rather than panic selling, with metrics like NUPL and SOPR showing loss absorption and coins being sold near cost. However, the move is seen as liquidity-driven and impulsive, leaving room for short-term pullbacks. A key technical hurdle is reclaiming $90,000, with a close above potentially targeting $90,500–$92,000. A rejection could lead to a retest of $83,800. The Bank of Japan’s upcoming rate decision remains a final macro risk for the year.
cointelegraph12/18 19:59