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Bitcoin, Ethereum, XRP Steady, but Dogecoin Dips: Analyst Bets a Repeat of BTC's Short Squeeze, Driving It Toward $90,000
Leading cryptocurrencies struggled for big gains on Wednesday as investors trimmed risk appetite.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:21 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.40% | $73,676.59 |
| Ethereum (CRYPTO: ETH) |
+0.50% | $2,051.17 |
| XRP (CRYPTO: XRP) | +0.20% | $1.05 |
| Solana (CRYPTO: SOL) | +0.30% | $83.15 |
| Dogecoin (CRYPTO: DOGE) | -0.50% | $0.06731 |
Crypto Market Awaits Big Rally
Bitcoin wobbled between $73,202 and $74,694 as bulls faced stiff resistance from bears. Ethereum struggled to break through $2,100, while Dogecoin slid 0.50% in the last 24 hours.
Cryptocurrency-related stocks, meanwhile, gained, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 1.06% and 6.33%, respectively.
Nearly $290 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.
Bitcoin’s open interest fell 2.44% over the last 24 hours. A drop in open interest accompanied by a price increase typically indicates short covering, meaning short sellers are buying back contracts to close out open positions.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:21 p.m. ET) |
| Midnight (NIGHT) | +11.20% | $0.04705 |
| Cronos (CRO) | +5.50% | $0.04984 |
| Gram (GRAM) | +5.80% | $1.18 |
Stocks Climb as AI Trade Regains Momentum
The Dow Jones Industrial Average jumped 254.60 points, or 0.49%, to close at 52,486.49. The S&P 500 rose 1.31% to end at 7,619.3, while the tech-focused Nasdaq Composite added 1.60% to end at 25,466.
CoreWeave Inc. (NASDAQ: CRWV) soared 24%, its biggest one-day gain since June 3, 2025, pulling chipmakers, memory producers and power stocks back into the artificial-intelligence trade.
Bitcoin Headed to $90,000?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, noted Bitcoin holding support at its 200-day moving average near $73,200 while slowly advancing on the daily chart.
“First step to break through: $75,000. If that breaks, we’re getting into better territory,” Van De Poppe projected.
Cryptocurrency analyst CrediBULL Crypto predicted a repeat of a prior short squeeze when high Bitcoin open interest preceded a rapid pump.
“My bet is they are gonna run it back again this time. Short squeeze from $72,000 to $90,000 in a few days,” the analyst added.
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