Bitcoin Surges Past $100,000, Ethereum, Dogecoin, XRP Follow: 'Slow Grind Up' Or Explosive Rally Ahead?

Cryptocurrency markets are trading higher on Wednesday, boosted by positive inflation data.

Notable Statistics:

• IntoTheBlock data shows large transaction volume decreasing by 14.9% and daily active addresses up by 9.7%. Transactions greater than $100,000 remained relatively flat. Exchanges netflows are up by 334.2%.
• Coinglass data reports 103,627 traders were liquidated in the past 24 hours for $267.63 million.
• CryptoQuant Founder and CEO Ki Young Ju noted that Bitcoin corrections could be smaller in this bull cycle amid steady buying from ETFs and institutions.

Notable Developments:

• Trump Admin’s Crypto Push Revives Industry Hopes For Banking Access
• Morpheus Launches $20 Million In Rewards For AI Compute Providers
• Bitcoin ETFs Spark Institutional Interest: ‘The Doors Have Been Blown Off,’ Superstate CEO Says
• Goldman Sachs CEO Says Bank Can Consider Bitcoin, Ethereum Spot Trading If Regulations Allow

Top Gainers:

Trader Notes: As Bitcoin surged past the $100,000 mark, crypto trader Doug Funnie predicts an explosive rally ahead and wonders, "Can we get there before the weekend?"

Rekt Capital highlights that Bitcoin continues to hold its 4-week technical uptrend line as a key support level. He explains that a deeper correction would require a breakdown below this trend line, but for now, the "technical uptrend remains intact."

According to IntoTheBlock data, 482,000 addresses have purchased Bitcoin within the range of the current price and $100,000.

However, the key demand zone lies between $94,800 and $97,700, where over 1.3 million addresses have accumulated Bitcoin. The firm notes that "this range represents a critical area for potential support."

Daan Crypto Trades forecasts a slow, choppy climb for Bitcoin, with traders likely to face volatility before a genuine breakout occurs.

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