Bitcoin Crosses $111,000 As Ethereum, Dogecoin Surge Ahead Of Inflation Data

Benzinga
2025.10.24 11:06
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Bitcoin has surpassed $111,000, with altcoins also experiencing gains. Key developments include Trump pardoning Binance founder Changpeng Zhao and Tesla reporting an $80 million profit from Bitcoin. Analysts suggest Bitcoin may be nearing a cycle top, with critical macro events ahead, including CPI data and Fed rate decisions. Traders are watching the $108,200 support level, and past CPI releases have led to short-term corrections in Bitcoin, which typically recover quickly. Ethereum and Solana are also gaining traction in the crypto market.

Bitcoin is back above $111,000, with altcoins surging on Friday morning.

Notable Developments:

  • Trump Pardens Binance Founder Changpeng Zhao, ‘Ending Biden Administration’s War On Crypto’
  • Elon Musk’s Tesla Records $80 Million Paper Profit On Bitcoin In Q3, Keeps Holdings Intact
  • Peter Schiff: Bitcoin Is A ‘Gigantic Pump-And-Dump’, But ‘OGs Did A Great Job Of Selling The Story’
  • Top Trump Envoy Steve Witkoff Pressed By Senate Democrats Over Crypto Assetsv
  • Melania Trump, Argentina’s Javier Milei Not Responsible For Meme Coin Fraud, Revised Complaint States: ‘Were Used As Props’

Trader Notes: Crypto chart analyst Ali Martinez highlighted that Bitcoin has reached 1,064 days since its November 2022 bottom, the same duration it took to hit the peak in the last two cycles, suggesting it may be approaching a potential cycle top.

Lennaert Snyder of ByBit noted that Bitcoin is at a critical juncture with key macro events ahead: Trump’s China tariff update, tomorrow's CPI data, and next week's Fed rate decision.

The next major directional move will likely follow these catalysts, with traders closely watching the ~$108,200 weekly support level.

Altcoin Gordon emphasized that being bearish during Bitcoin’s accumulation phase is short-sighted, as panic sellers now are likely to become panic buyers in a few months.

Ted Pillows pointed out that the previous three CPI releases caused short-term Bitcoin corrections, but BTC recovered within weeks each time. Tomorrow's CPI will be closely monitored for a similar impact.

  • Bitcoin Continues Dominance, But Ethereum, Solana Aren’t Far Behind: Report

Image: Shutterstock

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