Bitcoin, Ethereum, XRP and Dogecoin Slide After Hotter-Than-Expected CPI: Analyst Says 'Decisive' BTC Breakout Soon
Leading cryptocurrencies sank alongside stocks on Wednesday as higher-than-expected consumer inflation raised rate hike odds.Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:28 p.m. EDT)Bitcoin -1.90%$81,549.33Ethereum -3.30%$2,412.39XRP -2.90%$1.32Solana -2.40%$104.14Dogecoin -3.30%$0.08143Crypto Market PressuredBitcoin dropped sharply from $83,000 into the low $81,000s, while Ethereum fell below $2,400.Cryptocurrency-linked stocks also plummeted, with Strategy Inc. and Bitmine Immersion Technologies Inc. closing down 5.87% and 5.28%, respectively.The cryptocurrency market saw over $450 million in liquidations in the last 24 hours, almost $400 million of those being bullish long bets, according to Coinglass data.Bitcoin’s open interest spiked 1.41% over the last 24 hours. An increase in open interest, accompanied by a drop in the asset’s price, typically indicates that short sellers are actively entering the market and selling contracts.Top Gainers (24 Hours)CryptocurrencyGains +/-Price (Recorded at 9:28 p.m. EDT)Pyth Network (PYTH) +6.0% $0.08422Bitway (BTW) +3.50% $2.34Figure Heloc (FIGR_HELOC) +1.30% $1.04The global cryptocurrency market capitalization stood at $2.84 trillion, contracting by 2.20% in the last 24 hours. Read Also: Stocks Drop After Hot Inflation ReportStocks extended the decline on Wednesday. The Dow Jones Industrial Average shed 48.62 points, or 0.09%, to close at 51,621.48. The S&P 500 slipped 1.11% to end at 7,718.94, while the Nasdaq Composite fell 1.88% to close at 26,692.87.Consumer Price Index , above the 3.6% economists expected. Core CPI also came in above expectations at 2.6%.Investors still assign a 75% probability that rates will remain unchanged in October, while the odds of a quarter-point cut in December stand at 66%, according to the CME FedWatch tool.Bullish Mood IntactOn-chain analytics firm CryptoQuant reported that the majority of analysts are now bullish on Bitcoin, citing its Analyst Consensus Index.“84% of 164 analysts are now bullish, up from 37% in July. That’s more than at the same stage of the 2023 bull market, after half the price gain,” the firm added.Analysts haven’t been this bullish on Bitcoin since August 2025.84% of 164 analysts are now bullish, up from 37% in July.That’s more than at the same stage of the 2023 bull market, after half the price gain. Daan Crypto Trades, a widely followed trader and chartist, notes Bitcoin has been range-bound around a major horizontal support and resistance near $82,000 for roughly 50 days, with choppy intraday action“This was a very choppy time period last quarter in July as well,” the analyst added. “We’ll see a decisive break and move again soon enough.” Still sitting at the main support & resistance level.It has been choppy the past few weeks and price essentially unmoved in ~50 days now.We are also entering the earnings season. This was a very choppy time period last quarter in July as well.We'll see a decisive break… Read Also: Photo: KateStock / Shutterstock