U.S. December CPI data will be announced tonight at 21:30, marking a key moment for the crypto market. From the current market fundamentals, bullish logic is forming a combined force across multiple dimensions.

First, let's look at the support side. Expectations of Federal Reserve rate cuts, gradual implementation of regulatory frameworks, continuous institutional allocations, and increasing on-chain token concentration—these four factors are advancing simultaneously. BTC previously surged to 94,800, ETH broke through 3,308. Although there are short-term fluctuations, the pattern of "lower lows and higher highs" remains intact. Every pullback often represents bullish accumulation.

Regarding tonight's CPI data, the market generally expects the December core CPI year-over-year rate to stay at 2.7%. Even if there is volatility in the data, it is likely due to statistical noise caused by government shutdowns rather than a genuine resurgence in inflation pressure. If the data meets or falls below expectations, the expectation of rate cuts will be further reinforced, and the loose liquidity environment will provide clear support for risk assets. If the data spikes in the short term, the long-term support logic remains unchanged, and it may even present an opportunity for institutions to buy the dip.

Technical layout reference: BTC seeks support around 91,000-91,500, with resistance at 92,500-93,000, and an upward target of 94,000+. ETH support levels are at 3,050-3,080, resistance at 3,140-3,150, with a target above 3,200.

There are no shortage of cautious voices in the market, but true gains often belong to those who see the big picture clearly. Liquidity cycles, institutional participation, regulatory normalization—these long-term driving forces are accelerating their release, and a new market cycle has already begun.