Bitcoin's price movement today is largely influenced by the anticipation surrounding the Bank of Japan's potential rate hike. With Japan's inflation hitting a three-month high, crypto bulls are bracing for a decision that could disrupt the current momentum. The market is on edge, as a hot inflation print might set Bitcoin back, according to analysts. This uncertainty has led to fluctuations in Bitcoin's price throughout the day, as investors weigh the potential impact of Japan's monetary policy on global markets.
Additionally, the derivatives market is showing a small chance for further upward momentum for Bitcoin, with a 6% likelihood of surpassing $150,000 by the end of January. This sentiment is supported by stable 25 delta skews, indicating that traders' expectations for price direction or risk haven't shifted significantly. The market's consolidation over the weekend has provided a chance for stabilization, as noted by Sean Dawson, head of research at DeFi derivatives protocol Derive.
Bitcoin's price has increased by 1.47% today, reaching a current price of $101,454.76. It hit a high of $101,998.39 and a low of $99,981.27 during the day.