Bitcoin $BTC ( ▲ 2.61% ) is back in rip mode.
After Tuesday’s better-than-expected CPI report, bitcoin pushed past $96,000 Wednesday morning, marking its highest level in three months and signaling that crypto’s risk appetite is waking up again.
CPI Lit the Fuse
The rally is being framed as a macro move, not just a crypto move.
With inflation coming in cooler than feared, traders are leaning back into risk assets, and bitcoin is catching that tailwind hard.
ETF Money Is Flooding Back In
The bigger tell is flows.
Spot bitcoin ETFs recorded $753.7 million in inflows on Tuesday, the largest daily inflow since October 7, according to SoSoValue.
Biggest winners:
Fidelity Wise Origin Bitcoin Fund $FBTC ( ▲ 3.52% ) : $351.3 million inflows
Bitwise Bitcoin ETF $BITB ( ▲ 2.63% ) : $159.4 million inflows
Translation: this is not just retail chasing candles. Institutional demand is clearly participating.
Sentiment Has Crawled Out of the Hole
CoinMarketCap’s Fear and Greed Index is now at 52 (neutral), its highest level since the October 10 crypto crash, which triggered $19.1 billion in liquidations.
So the market is not euphoric yet, but it is no longer acting like every bounce is a trap.
The Powell Probe Is the Wildcard
Even with momentum back, there is still a big macro overhang: the administration’s probe into Fed Chair Jerome Powell.
Dean Chen, analyst at Bitunix, said crypto’s key macro drivers remain:
how long rates stay elevated
whether policy institutions remain credible
He warned that if concerns around central bank independence continue growing, it could cause volatility in the dollar and real yields, which would likely spill into crypto volatility as well.
Key Levels Traders Are Watching
According to Chen:
support: $91,031
resistance: $97,237
If bitcoin cleanly clears that resistance zone, the narrative shifts from “rebound” to “breakout.”
Where Bitcoin Could Go Next
Bitget Wallet research analyst Lacie Zhang said the stabilization suggests conviction is rebuilding, not just short-term momentum chasing.
Her outlook:
next 3 to 5 months: bitcoin could climb toward $120,000
by year-end: bitcoin could reach $180,000, driven by structural demand rather than one-off speculation cycles
Bottom line: bitcoin $BTC is at a 3-month high above $96K, ETF inflows just posted their biggest day since early October, and sentiment is stabilizing. If macro noise around Powell stays contained, the next big fight is whether BTC can break through the $97K resistance and make $120K the next magnet.