Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, are experiencing bullish sentiments amidst market volatility and macroeconomic concerns surrounding U.S. inflation data. Bitcoin is eyeing a price target of $120,000, while XRP's price action remains indecisive. However, the S&P 500 E-Mini futures have formed a rising wedge pattern, indicating potential market correction and suggesting a bull trap for risk assets like cryptocurrencies. Analysts highlight that if U.S. consumer price index data surprises on the upside, this could lead to a sharp downside move in both equities and digital assets, as the market grapples with inflation fears. Current options data also suggests bearish sentiment, with traders adjusting for downside risks. Dogecoin has recently regained a bullish trend, but traders are advised to remain cautious amid uncertainties in broader market trends that could influence its momentum.

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