Bitcoin, Ethereum, XRP, Dogecoin Move Higher Ahead Of Inflation Data Wednesday
Bitcoin, Ethereum, XRP, Dogecoin Move Higher Ahead Of Inflation Data WednesdayCryptocurrency markets are seeing gains across the board despite ongoing ETF outflows, indicating underlying strength in the market. CryptocurrencyPrice Gains +/-Bitcoin BTC/USD $96,344.48+4.7%Ethereum ETH/USD $3,201.80+6.2%Solana SOL/USD $186.30+5.2%XRP XRP/USD $2.65+7.9%Dogecoin DOGE/USD $0.3527+8.6%Shiba Inu SHIB/USD $0.00002138+5.5%Notable Statistics: IntoTheBlock data shows large transaction volume increasing by 34.7% and daily active addresses up by 4.5%. Transactions greater than $100,000 are up from 6,648 to 10,421 in a single day. Exchanges netflows are down by 332.2%. Coinglass data reports 78,239 traders were liquidated in the past 24 hours with the total liquidations at $279.24 million. Notable Developments: Trump Could Sign Crypto-Related Executive Orders On Day 1: Report Solana, XRP ETFs Could Outperform Ethereum ETFs, Says JPMorgan Gary Gensler Defends SEC Legacy: ‘We Focused On Reforms In The $60 Trillion Equity Markets’ Coinbase Wins Partial Victory In SEC Regulatory Challenge, Court Calls Agency’s Stance ‘Arbitrary’ Top Gainers: CryptocurrencyPrice Gains +/-Ai16z AI/USD $1.28+27.4%Kaspa KAS/USD $0.1366+21.2%Virtuals Protocol VIRTUAL/USD $2.97 +20.7%Trader Notes: With Bitcoin prices continuing its uptrend, crypto trader Jelle noted that it is moving as expected. He believes things will look much better after $97,000. Echoing similar sentiment, crypto trader Mayne termed this as a nice move after a run of the lows. While awaiting CPI data, he recommends flipping the midrange level to maintain the upward push. Crypto trader EliZ notes Bitcoin has reached a critical trigger point but highlights indecision in the market. He advises adjusting stops to breakeven for active positions. More Crypto Online explained that the recent upside move could indicate a potential bottom if the price holds above $94,244, with an ideal next high reaching at least $97,995. The pattern resembles the lead-up to the January 6th top but appears weaker. The rally began from a favorable location, increasing the chances of a low being established yesterday. A confirmed upside reversal requires the price to form and hold a higher low in a subsequent wave 2. $BTC: While the move to the upside from yesterday's low may visually look like a 5-wave pattern, based on fibonacci guidelines one more high would be ideal. This one more high should reach at least $97,995 and I am going to watch for one more high as long as the price holds above… pic.twitter.com/TTFUWlXJWU— More Crypto Online (@Morecryptoonl) January 14, 2025Read Next: Bitcoin’s Big Macro Data Week: Here’s What To Watch Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.