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Bitcoin Turns Higher, Reversing CPI-Related Tumble
The shorts have mostly been in control since the Trump inauguration and perhaps decided to book profits.
Por Stephen Alpher
What to know:
After slumping to just above $94,000 earlier Wednesday following far stronger than expected U.S. inflation data, bitcoin (BTC) has reversed higher, climbing to $97,500.
Other digital assets have also rallied off the lows, but bitcoin is leading with a 1.4% advance over the past 24 hours against the broader CoinDesk 20 Index's 0.5% gain.
Testifying before Congress for a second consecutive day, Federal Reserve Chairman Jerome Powell said today's CPI print showed the central bank is close, but not quite there on inflation.
The price of bitcoin peaked above $109,000 in the hours prior to President Trump's inauguration on Jan. 20 and has been in a downtrend since. The roughly 4% reversal from this morning's low could be little more than satiated bears taking some profits.
U.S. stocks have also bounced from their worst levels, with the Nasdaq now down just marginally after having been lower by more than 1%.
Also perhaps lightening the mood in both crypto and traditional markets is what President Trump is touting as a highly productive phone call with Russian President Putin regarding an end to the war in Ukraine.
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Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
Lo que debes saber:
- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
- The late-day gain in bitcoin came alongside a rebound in the Nasdaq from big morning losses; the tech index closed with just a 0.25% loss.
- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
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