Cryptocurrency Markets Surge on Wednesday as Financial Markets Interpret Freshly-Released Inflation Data as a Positive Sign for Equities

Notable Statistics: Notable Developments: Top Gainer: Trader Notes: With Bitcoin prices touching $100,000, CryptoCon provided technical analysis

Cryptocurrency markets surged on Wednesday as financial markets reacted positively to the latest inflation figures.

Bitcoin prices rose 1.3% over the past 24 hours to reach $100,173.63. Over the past seven days, Bitcoin surged by more than 21%, while year-to-date gains now stand at 83%.

The world’s largest cryptocurrency reached a record high of $104,000 on Nov. 10. Since then, Bitcoin prices have largely consolidated within a range.

However, a strong breakout from this consolidation could see Bitcoin prices targeting the next Fib extension, which is seen at $184,181.

Bitcoin prices surged past $100,000 on Wednesday, following a bullish breakout from the consolidation that began after the cryptocurrency reached a record high earlier this month.

Bitcoin Trader Notes: Bitcoin Surges Past $100,000 - Trader Sees Next Target at $184,181 Bitcoin prices surged past $100,000 on Wednesday.

Cryptocurrency markets displayed a bullish performance on Wednesday, following a positive reaction from financial markets to the latest inflation figures.

Bitcoin prices rose by 1.3% over the past 24 hours to reach $100,173.63. In the past seven days, Bitcoin surged by over 21%, while year-to-date gains now stand at 83%.

The world’s largest cryptocurrency reached a record high of $104,000 on Nov. 10. Since then, Bitcoin prices have largely consolidated within a range. However, a strong breakout from this consolidation could see Bitcoin prices targeting the next Fib extension, which is seen at $184,181.

Bitcoin Surges Past $100,000 - Trader Sees Next Target at $184,181 Bitcoin prices surged past $100,000 on Wednesday, following a bullish breakout from the consolidation that began after the cryptocurrency reached a record high earlier this month.

Bitcoin prices touched $184,181 in the previous bull market cycle, following a 5.618 extension of the first move after the bear market downtrend. This extension had a near-perfect hit rate for all major Bitcoin highs in the past.

Now, as Bitcoin prices surged to new all-time highs, CryptoCon applied the same technical analysis, revealing that the next target for Bitcoin could be around $184,181.

"The 5.618 extension of the first move of the cycle (candle body & after bear market downtrend) has had a near-perfect hit rate for all major Bitcoin highs. The magic number this cycle… $184,181."

Meanwhile, another crypto content creator Michael Pizzino welcomed the return of $100,000 and shared his expectations for a higher low, stating "Off to the races." However, he noted that this will need a few days to form if it is to happen right now.

Stoic observed that Bitcoin experienced a clean breakout from its value area, followed by a reaction near the high $80,000 and a successful reclaim of the $90,000 level. Currently, a brief cooling-off period is anticipated in the interim, with attention focused on finding spot support on the buyside.

A pullback into the high timeframe range would provide an ideal entry point for bulls to step in. Currently, passive spot stacking is observed between $100,000 and $104,000. If another breakout occurs, the focus will be on spot aggressively chasing bids and absorbing any sell walls.