Bitcoin slides as rate hike odds jump; analyst says BTC target remains $100,000

Bitcoin fell from $87,000 to an intraday low of $83,654.39 on Wednesday after hot macro data signaled the chance of another rate hike. Ethereum retreated to $2,600. XRP and Dogecoin recorded sharper declines. Strategy Inc. shares fell 3.07%. Bitmine Immersion Technologies shares fell 4.52%. More than $540 million was liquidated from the cryptocurrency market over the last 24 hours. Long positions took the heaviest losses, according to Coinglass data. Bitcoin's open interest fell 6.63% over the last 24 hours. Bitcoin's Long/Short ratio fell below 1. The ratio indicated that many traders were actively taking short positions. The global cryptocurrency market capitalization stood at $2.96 trillion. The market capitalization fell 2.60% over the last 24 hours. The Dow Jones Industrial Average fell 352.10 points, or 0.68%, to 51,511.59. The S&P 500 fell 0.75% to 7,706.03. The Nasdaq Composite fell 1.13% to 26,936.04. The 10-year Treasury yield reached its highest level since 2007. The latest Purchasing Managers' Index readings came in higher than expected. Traders are pricing in a nearly 70% chance of another 25-basis-point rate hike next month, according to the CME FedWatch tool. Ali Martinez flagged a double-bottom pattern on Bitcoin's daily chart. Martinez said the $82,500 horizontal neckline would remain key support. Martinez said Bitcoin's target remains $100,000. Santiment said wallets holding between 100 BTC and 1,000 BTC increased their holdings by 2.22% over the last two months. Santiment said those wallets had closely correlated with cryptocurrency market direction in its five-year analysis. The firm said accumulation often appeared before or during stronger price periods.