Despite the recent sell off which dropped BTC's price to $94k, BTC has been continuously showing its resilience and it rebounded quickly above $100k ahead of key US inflation data (CPI).
This week’s key macro updates, from inflation to labor markets, could trigger wild price swings as the data points will determine the pace of Fed interest cuts from the 18th of December. As of now, markets are expecting a 0.25% rate cut from the federal reserve, as the ECB has already cut 25 bps rates in today's meeting. Also the Swiss bank surprised markets by a unexpected 50 bps rate cut instead of the expected 25 bps.
For context, the metric marked previous local tops and bottoms. It first flagged an imminent BTC local top in late November (green bars) and has remained sticky despite this week’s shake-outs.
This suggested that despite recent pullbacks, BTC might not be out of the woods yet, at least according to the NVT Golden Cross.
As of now, at the time of writing this article, BTC is trading around $101,600 and has seen a jump of 3% in its price in the last 24 hours and has a market capitalization of $2 trillion.
