Bitcoin Up To $99,000 'Is Loving' Inflation Data Release, XRP, Dogecoin Follow Higher

Bitcoin BTC/USD is eyeing a march toward the $100,000 mark following CPI data that aligned with market expectations.

What Happened: The report has rekindled optimism across markets, with the S&P 500 index – as tracked by the SPDR S&P 500 ETF Trust SPY – gaining 1.7%.

Major cryptocurrencies have surged across the board:

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$99,251.48	+2.6%
Ethereum ETH/USD	$3,304.57	+3.1%
Solana SOL/USD	$194.45	+4%
XRP XRP/USD	$2.97	+15.4%
Dogecoin DOGE/USD	$0.367	+4.6%
Shiba Inu SHIB/USD	$0.00002198	+2.4%

Trader Notes: Lark Davis, a Bitcoin investor and entrepreneur, noted that Bitcoin “is loving” the macroeconomic data released.

Prominent technical analyst Kevin observed that the cooler CPI figures reduced yields and the dollar's strength, boosting asset prices.

He remains cautious about whether this trend can be sustained.

CPI comes in at 2.9% as expected.$BTC is loving it. pic.twitter.com/EqYJ0KMByQ
— Lark Davis (@TheCryptoLark) January 15, 2025

Economist Robin Brooks commented on the benign core CPI reading for December, with underlying inflation trending at 0.25% month-over-month.

He expects a temporary uptick in Q1 2025 due to seasonal price resets, echoing patterns seen in early 2023 and 2024.

What's Next: Crypto trader Jelle now marks $97,000 turning into support and with prices pushing towards $100,000 he concluded "Break that, and all bets are off."

Glassnode data highlighted that the BTC price action validated two key levels flagged by on-chain data.

It sees support at $89,000 which aligns with Short-Term Holder Realized Price ($88,500).

Resistance is below $98,000 which is largest accumulation level above spot.

As Bitcoin inches closer to the psychological $100,000 barrier, the market remains divided on whether the rally will be sustained.

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