Bitcoin At $114,000 Ahead Of Inflation Data: Here’s How High It Could Go
Bitcoin (CRYPTO: BTC) is hovering around $114,000 on Thursday morning, with analysts eyeing further upside subject to a benign inflation data report to be released later in the day.
What Happened: Daan Crypto, a crypto analyst, noted that Bitcoin surged past a key liquidity zone near $114,000 on Wednesday after fresh US Producer Price Index (PPI) data.
The move cleared a dense pocket of buy and sell orders, forcing liquidations of short positions and sending the price briefly higher before settling just below the level.
Charts show liquidity bands remain concentrated between $111,000 and $114,000, with traders treating the area as a short-term battleground.
The push follows steady gains from the $110,000 base, where the market had been building momentum in recent days.
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