Bitcoin, Ethereum, XRP and Dogecoin Slide After Hotter-Than-Expected CPI: Analyst Says 'Decisive' BTC Breakout Soon

Leading cryptocurrencies sank alongside stocks on Wednesday as higher-than-expected consumer inflation raised rate hike odds. Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:28 p.m. EDT)Bitcoin (CRYPTO: BTC)-1.90%$81,549.33Ethereum (CRYPTO: ETH) -3.30%$2,412.39XRP (CRYPTO: XRP) -2.90%$1.32Solana (CRYPTO: SOL) -2.40%$104.14Dogecoin (CRYPTO: DOGE) -3.30%$0.08143 Crypto Market Pressured Bitcoin dropped sharply from $83,000 into the low $81,000s, while Ethereum fell below $2,400. Cryptocurrency-linked stocks also plummeted, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 5.87% and 5.28%, respectively. The cryptocurrency market saw over $450 million in liquidations in the last 24 hours, almost $400 million of those being bullish long bets, according to Coinglass data. Bitcoin’s open interest spiked 1.41% over the last 24 hours. An increase in open interest, accompanied by a drop in the asset’s price, typically indicates that short sellers are actively entering the market and selling contracts. Top Gainers (24 Hours) CryptocurrencyGains +/-Price (Recorded at 9:28 p.m. EDT)Pyth Network (PYTH) +6.0% $0.08422Bitway (BTW) +3.50% $2.34Figure Heloc (FIGR_HELOC) +1.30% $1.04 The global cryptocurrency market capitalization stood at $2.84 trillion, contracting by 2.20% in the last 24 hours. Read Also: Saylor Sees Bitcoin Above $100,000—So Why Is Strategy Willing to Sell? Stocks Drop After Hot Inflation Report Stocks extended the decline on Wednesday. The Dow Jones Industrial Average shed 48.62 points, or 0.09%, to close at 51,621.48. The S&P 500 slipped 1.11% to end at 7,718.94, while the Nasdaq Composite fell 1.88% to close at 26,692.87. Consumer Price Index rose from 3.4% to 3.7% year-over-year in September, above the 3.6% economists expected. Core CPI also came in above expectations at 2.6%. Investors still assign a 75% probability that rates will remain unchanged in October, while the odds of a quarter-point cut in December stand at 66%, according to the CME FedWatch tool. Bullish Mood Intact On-chain analytics firm CryptoQuant reported that the majority of analysts are now bullish on Bitcoin, citing its Analyst Consensus Index. “84% of 164 analysts are now bullish, up from 37% in July. That’s more than at the same stage of the 2023 bull market, after half the price gain,” the firm added. Analysts haven’t been this bullish on Bitcoin since August 2025.84% of 164 analysts are now bullish, up from 37% in July.That’s more than at the same stage of the 2023 bull market, after half the price gain. pic.twitter.com/Acu3z36c5J— CryptoQuant.com (@cryptoquant_com) October 14, 2026 Daan Crypto Trades, a widely followed trader and chartist, notes Bitcoin has been range-bound around a major horizontal support and resistance near $82,000 for roughly 50 days, with choppy intraday action “This was a very choppy time period last quarter in July as well,” the analyst added. “We’ll see a decisive break and move again soon enough.” $BTC Still sitting at the main support & resistance level.It has been choppy the past few weeks and price essentially unmoved in ~50 days now.We are also entering the earnings season. This was a very choppy time period last quarter in July as well.We'll see a decisive break… pic.twitter.com/EgMzxMaGhD— Daan Crypto Trades (@DaanCrypto) October 14, 2026 Read Also: Bitcoin, ETH, NEAR Are the Best Bets for the Rest of 2026, Analyst Predicts Photo: KateStock / Shutterstock