Bitcoin (BTC) is looking to get back to its winning ways on Wednesday as the top crypto has bounced off Tuesday’s lows and clawed its way higher, climbing back above $37,000 near midday on a slight uptick in trading volume.
(Kitco News) - Bitcoin ( BTC ) is looking to get back to its winning ways on Wednesday as the top crypto has bounced off Tuesday’s lows and clawed its way higher, climbing back above $37,000 near midday on a slight uptick in trading volume . Tuesday’s selloff dropped BTC to a low of $34,770, briefly erasing the gains seen over the past week.
But buyers returned in force on Wednesday as the reasons for the strong bullish showing of late remain, including the possibility of the first spot BTC ETF being approved within the next three months. A pullback in the DXY and U.S. Treasuries has also helped put a bid under risk assets as the latest inflation data has cooled expectations of additional interest rate hikes from the Federal Reserve, prompting traders to reenter the markets. “CPI has surprised to the downside, missing on both headline CPI (4% vs 4.1% exp) and core CPI (3.2% vs 3.3% exp),” said Greg Magadini, Director of Derivatives at Amberdata, in a note shared with Kitco Crypto. “For BTC this is fascinatingly good new
Bitcoin BTC Bounce Back Trading Volume Spot BTC ETF DXY U.S. Treasuries Inflation Data Interest Rate Hikes
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