Bitcoin trades below $80,000 on Thursday morning as hotter-than-expected U.S. producer inflation data weakened expectations for near-term Federal Reserve rate cuts.

Bitcoin ETFs saw $635.2 million in net outflows on Wednesday, while Ethereum ETFs reported $36.3 million in net outflows.    

Meme coin market capitalization is trading 1.6% lower at $38.5 billion over the past 24 hours.

Trader Commentary:

Crypto chart analyst Ali Martinez said Bitcoin appears to have been rejected at the key 200-day SMA near $82,500, increasing the probability of a pullback toward the 50-day SMA around $75,000.

Ted Pillows noted Ethereum successfully retested the important $2,250 support zone. Traders are now watching for a rebound toward $2,350–$2,400 if support continues holding. A breakdown below the level could open the door for a sharper decline toward $2,150 or lower.

Trader DonWedge sees Solana has formed a bullish falling wedge pattern, a setup traders often associate with potential reversal breakouts if momentum strengthens.

MikybullCrypto said Dogecoin is beginning to show signs of a breakout structure, with some traders eyeing a possible move toward the $2–$5 range if momentum accelerates further. Bulls also expect DOGE could once again lead a broader altcoin rally similar to the 2021 cycle.

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