PrintBitcoin Below $80,000, Ethereum, XRP, Dogecoin Slide As Hot PPI Data Hits Rate Cut Hopes
BY Benzinga | ECONOMIC | 07:12 AM EDTBitcoin trades below $80,000 on Thursday morning as hotter-than-expected U.S. producer inflation data weakened expectations for near-term Federal Reserve rate cuts.
Bitcoin ETFs saw $635.2 million in net outflows on Wednesday, while Ethereum ETFs reported $36.3 million in net outflows.
<figure class="wp-block-table">Cryptocurrency | Ticker | Price |
| Bitcoin | (CRYPTO: BTC) | $79,590.77 |
| Ethereum | (CRYPTO: ETH) | $2,259.62 |
| Solana | (CRYPTO: SOL) | $90.93 |
| XRP | (CRYPTO: XRP) | $1.43 |
| Dogecoin | (CRYPTO: DOGE) | $0.1134 |
| Shiba Inu | (CRYPTO: SHIB) | $0.056266 |
Meme coin market capitalization is trading 1.6% lower at $38.5 billion over the past 24 hours.
Trader Commentary:
Crypto chart analyst Ali Martinez said Bitcoin appears to have been rejected at the key 200-day SMA near $82,500, increasing the probability of a pullback toward the 50-day SMA around $75,000.
Ted Pillows noted Ethereum successfully retested the important $2,250 support zone. Traders are now watching for a rebound toward $2,350?$2,400 if support continues holding. A breakdown below the level could open the door for a sharper decline toward $2,150 or lower.
Trader DonWedge sees Solana has formed a bullish falling wedge pattern, a setup traders often associate with potential reversal breakouts if momentum strengthens.
MikybullCrypto said Dogecoin is beginning to show signs of a breakout structure, with some traders eyeing a possible move toward the $2?$5 range if momentum accelerates further. Bulls also expect DOGE could once again lead a broader altcoin rally similar to the 2021 cycle.
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