Bitcoin Rebounds to $96,500 as Crypto Awaits Inflation Data and Trump’s Inauguration
Bitcoin rebounded to $96,500, adding 3% in 24 hours, following softer-than-expected U.S. Producer Price Index (PPI) data. This comes after Monday’s dip below $90,000, which was quickly bought up amid reports of Donald Trump’s pro-crypto executive orders planned for his January 20 inauguration. Ripple’s XRP and Dogecoin (DOGE) outperformed, leading the altcoin market with 6%-7% gains as the CoinDesk 20 Index rose 5%.
The crypto market is watching two key events: Wednesday’s U.S. Consumer Price Index (CPI) report, expected to bring volatility, and Trump’s inauguration, anticipated to signal crypto-friendly policies.
K33 Research previously suggested selling Bitcoin at the inauguration, anticipating it as a "sell-the-news" event. However, the early-year market sell-off has led the firm to revise this outlook, stating that selling would now depend on price momentum over the next week. Despite recent market turbulence, K33 remains bullish on Bitcoin’s long-term prospects, citing Trump’s potential positive impact on crypto.
Meanwhile, traditional markets like the Nasdaq and SP 500 remained flat, as traders reassessed expectations for lower U.S. interest rates amid strong economic data. Bitcoin continues consolidating above $90,000 as global markets navigate rising bond yields and a volatile dollar.
Source:
CoinDesk
Futures Market Updates
In the past 24 hours, BTC futures showed a slight increase in open interest (+1.30%) while ETH futures saw a decrease (-1.30%), indicating stronger market engagement for BTC. Both markets experienced significant drops in trading volume, with BTC volume down 27.77% and ETH volume plunging 50.56%, highlighting a sharper decline in ETH activity. Liquidations were higher for BTC. The long/short ratio for BTC leaned slightly bullish (51.04% long), whereas ETH was nearly neutral (49.97% long), reflecting marginally different sentiment. Funding rates remained low for both, with BTC at 0.0072% and ETH at 0.0067%.
BTC Futures Updates
Total BTC Open Interest: $61.42B (+1.30%)
BTC Volume (24H): $105.42B (-27.77%)
BTC Liquidations (24H): $18.52M (Long)/$39.35M (Short)
Long/Short Ratio: 51.04%/48.96%
Funding Rate: 0.0072%
Ether Futures Updates
Total ETH Open Interest: $28.20B (-1.30%)
ETH Volume (24H): $34.13B (-50.56%)
ETH Liquidations (24H): $11.93M (Long)/$24.02M (Short)
Long/Short Ratio: 49.97%/50.03%
Funding Rate: 0.0067%
Top 3 OI Surges
1000TOSHI: $3.81M (+677.98%)
AIPUMP: $477.73K (+204.06%)
PROS: $439.96K (+170.34%)
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