An overdue reset in the Bitcoin funding rate and the return of a strong spot bid are reasons behind BTC’s rally above $100,000.
After a rocky start to the week, Bitcoin made a strong push above $100,000, and a handful of analysts expect BTC to make a run at the $110,000 level.
The move back to $100,000 comes as the November Consumer Price Index report showed a slight uptick in inflation in the US. Historically, crypto traders have had a tendency to risk-off days ahead of CPI prints and the US Federal Reserve FOMC meetings before re-entering the market, dependent upon the results of the data.
On the more crypto-focused side, the re-emergence of the Coinbase premium was an early sign that the spot bid for Bitcoin was back and that the price might make a run toward the range highs in the short term.
