Simply put
- Bitcoin has jumped over $93,000 on Tuesday, with trading volume increasing by 20% to $88.9 billion.
- Prediction markets suggest there’s an 80% likelihood that BTC will hit $100,000, even though traders seem cautious.
- Analysts indicate that declining spot CVD may favor sellers as the Supreme Court examines President Trump’s tariff decisions.
Bitcoin has crossed the $93,000 mark for the first time in nearly a week, showing a gain of over 2% in the last 24 hours.
This morning, the US reported a 0.3% rise in consumer prices for December, reflecting a 2.7% increase year-over-year, though the rate remained steady from the previous month, according to the Bureau of Labor Statistics.
As of now, Bitcoin is trading at $93,406, based on data from CoinGecko. Additionally, Coinglass has noted a 20% surge in trading volume in the past day, hitting $88.9 billion.
On the Myriad prediction market, which is affiliated with Decrypt’s parent company Dastan, users seem optimistic about Bitcoin reaching $100,000. A prediction released in late November shows an 80% chance that BTC will rise instead of dropping to $69,000.
Bitcoin’s trading volume is certainly up, but that doesn’t necessarily signal that investors are gearing up for a major rally, according to analysts at Glassnode in a recent article.
They mentioned that while volumes have slightly recovered from their lowest points, the worsening spot CVD indicates a growing dominance of sellers and a cautious outlook in the near term.
CVD, or cumulative volume delta, helps track buyer-seller dynamics over time—if buyers dominate, CVD rises; if sellers do, it declines.
Interestingly, even with increasing volumes, trader sentiment seems stuck. For instance, the Cryptocurrency Fear and Greed Index still shows a fear rating as of Tuesday, though it has improved a bit from the extreme fear felt a month ago.
Analysts from QCP Capital, a digital asset management firm based in Singapore, have pointed out that following the announcement of the consumer price index, investors will be keenly observing the U.S. Supreme Court’s ruling on President Trump’s tariff policies.
The court is deciding the legality of the president’s trade policies, with a ruling expected as soon as Wednesday. Historically, announcements from President Trump regarding tariffs have led to significant volatility in both stock and cryptocurrency markets.
No matter the court’s decision, it “could have further implications for positioning and risk sentiment among assets,” according to a QCP analyst.
