Dogecoin Surges 5% as Bitcoin Reaches $114,200 Amid M2 Trends
Bitcoin (BTC) is currently trading at $114,200, up 2.4% in 24 hours. Key price movements include:
- Ether (ETH) increased by 2.4% to $4,400
- XRP rose above $3
- BNB approached $900
- Solana's (SOL) gained nearly 3%
- Dogecoin (DOGE) saw a 5% daily gain, totaling 15.9% over the past week
CF Benchmarks reported that Bitcoin is currently below its fair value range when assessed against U.S. M2 growth. The gap between M2 expansion and BTC price is significant, similar to previous years (2016, 2019, 2021) that led to price increases.
Historically, BTC has correlated positively with M2, with price typically lagging monetary growth by about three months. If this trend continues, liquidity in Q4 may favor upward movement.
Market analysts note the following tactical insights:
- Buyers are active on intraday dips, forming a fragile uptrend
- Key resistance sits around $115K, near the 50-day moving average
- Maintaining above $115K could indicate renewed market optimism
Options desks report increased demand for protection ahead of upcoming U.S. inflation data, reflecting neutral-to-bearish short-term positioning.
Meanwhile, SOL's total value locked (TVL) reached a record $12.2 billion, rising 57% since June. Analysts suggest potential targets of $300 for SOL, contingent on broader risk sentiment.
The release of U.S. CPI figures later today could impact market dynamics, potentially supporting Bitcoin and the wider crypto sector if inflation trends cooler.