Bitcoin Flirts With $100K, Dogecoin Edges Higher, Ethereum Dips As CPI Numbers Fuel Rate Cut Hopes: Analyst Says BTC Could See Over 180% Upside Due To This Bullish Pattern

Bitcoin continued to make records as supportive inflation numbers raised the market’s expectations of further interest rate cuts by the Federal Reserve.

Cryptocurrency Gains +/- Price (Recorded at 7:30 p.m. ET)
Bitcoin (CRYPTO: BTC) +1.79% $89,874.80
Ethereum (CRYPTO: ETH)
               
-2.11% $3,190.24
Dogecoin (CRYPTO: DOGE)           +1.10% $0.3925

What Happened: The world’s largest cryptocurrency sailed above $93,000 during U.S. trading hours Wednesday, before a sharp correction into the $89,000 zone.

Bitcoin’s dominance rose to 60%, reflecting that investors were far more confident in it than other cryptocurrencies.

Ethereum also rallied to an intraday high of $3,366, later cooling down to $3,190, as investors began cashing out.

Nearly $850 million in derivatives contracts was erased in the last 24 hours, with leveraged longs accounting for 61% of the total.

Bitcoin’s Open Interest (OI) rose 2.30% in the last 24 hours, signaling higher speculative interest. 

Most top trader accounts on Binance were still positioned …

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