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

What Happened: Bitcoin broke through $106,000 in the morning before falling back to the $104,000 region. Popular dog-themed meme coin Dogecoin witnessed a similar price pattern.

Ethereum, on the other hand, sustained its gains, rising nearly 4% in the last 24 hours.

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, according to the Long/Short Ratio.

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

"Extreme Greed" emotion dominated the market, according to the reading on the Crypto Fear & Greed Index, 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. TSLA and Meta Platforms, Inc. 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.

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Analyst Notes: Popular cryptocurrency analyst and trader Ali Martinez emphasized 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 in jeopardy."

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.

Photo by Avi Rozen on Shutterstock

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