Bitcoin, Ethereum, Dogecoin Lose Early Gains as Investors Await Inflation Data

Leading cryptocurrencies lost their early gains on Thursday as investors awaited the release of crucial inflation data.

Major cryptocurrencies pared early gains on Thursday evening as investors awaited the release of key inflation data.

What Happened: Bitcoin started the session by breaking through the $106,000 level before pulling back to the $104,000 region. The apex cryptocurrency was last seen trading 0.7% lower over 24 hours at $104,164.

Popular dog-themed meme coin Dogecoin also witnessed a similar price pattern. After rising past the $0.25 level in the morning, Dogecoin pulled back to the $0.24 region. However, the meme coin managed to post gains of 3.2% over 24 hours.

Dogecoin rival Shiba Inu was last trading 0.2% lower over 24 hours at the $0.000064 level.

Ethereum, on the other hand, sustained its gains, rising nearly 4% in the last 24 hours and trading last at $3,460.

About $86 million in short bets were wiped out in the last 24 hours, out of a total of $143 million in cryptocurrency liquidations. Interestingly, traders placing short bets on Bitcoin rose against those gunning for price increases, as indicated by the Long/Short Ratio.

That said, if Bitcoin reclaims its all-time high, more than $530 million in short positions will be liquidated.

According to the reading on the Crypto Fear & Greed Index, the market emotion was dominated by "Extreme Greed," sparking concerns of a further correction.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.57 trillion, growing by 1.92% in the last 24 hours.

Stocks closed in the green on Thursday. The Dow Jones Industrial Average added 136.83 points, or 0.38%, to close at 44,882.13. The S&P 500 gained 0.53% to end at 6,071.17. The tech-focused Nasdaq Composite popped 0.25% to 19,681.75.

The uptick came as investors parsed the earnings of the "Magnificent 7" companies. Shares of Tesla Inc. (NASDAQ:TSLA) and Meta Platforms, Inc. (NASDAQ:META) rose 2.87% and 1.55%, respectively.

The focus now shifts to Friday's personal consumption expenditures index report, considered the Federal Reserve's preferred inflation gauge.

Analyst Notes: Popular cryptocurrency analyst and trader Ali Martinez highlighted the "critical importance" of $97,877 for Bitcoin, stating that a sizable amount of the apex cryptocurrency was scooped at this level.

"If it holds, the bull run could continue," Martinez predicted. "However, a break below $97,877 and $91,700 could put the entire bull market at risk."

With a significant amount of $BTC accumulated at $97,877, this level holds critical importance.

If it holds, the bull run could continue.

However, a break below $97,877 and $91,700 could put the entire bull market at risk.

Another influential cryptocurrency trader, Michaël van de Poppe, ruled out the possibility of Bitcoin having "30% corrections" this cycle.

"The markets become larger, through which a lot more liquidity is added and Bitcoin becomes more ‘boring’. Just a gradual upward pace," the trader noted.

Van De Poppe forecast that a Bitcoin peak could come either in the fourth quarter of 2025 or early 2027.

I don't think we'll have many 30% corrections on #Bitcoin during this cycle.

The markets become larger, through which a lot more liquidity is added and Bitcoin becomes more 'boring'.

Just a gradual upwards pace.

Either Bitcoin peaks in Q4 2025 or somewhere beginning 2027.

Photo by Avi Rozen on Shutterstock