After two excellent days, bitcoin took a small step back yesterday. Fortunately, the pullback was limited, and the focus is already shifting forward. All eyes are now on the price level where the downturn occurred. Meanwhile, the market waits in anticipation for the U.S. Federal Reserve’s key inflation gauge, set to be released this afternoon.
BTC Limits the Damage #
Following two strong green days, the bitcoin price fell by just over 1% yesterday. That’s a relatively small decline, considering the damage was significantly worse at various points during the day.
In that respect, it was a volatile session. Both buyers and sellers fought hard to push the price in their preferred direction. Although the day closed in the red, buyers have something to celebrate.
Bitcoin twice tested just above the $86,000 level. At those moments, the price was 2.3% lower than the opening price of $88,200.
However, buyers defended this level with force. After the first test, the price recovered to $88,000 within a few hours. After the second dip, it returned to that level again, though it took a bit more time.
The price is setting higher lows, but the $88,000 level is proving tough to crack. Beyond that, $89,200 is a significant resistance level, as it marks Monday’s high.
Yesterday saw the first batch of inflation data from the United States in the form of the Producer Price Index (PPI). There were few surprises, and it had little impact on the price.
This afternoon, more inflation figures are due, this time the PCE price index. Hopes are for lower numbers, as this would give the central bank more room to stimulate the economy with interest rate cuts.
At the time of writing, the BTC price on the OKX exchange is $87,433. On the Dutch crypto exchange Bitvavo, the BTC price in euros is €75,487. Compared to 24 hours ago, BTC is down 0.51%.
Hyperliquid Stands Out #
Bitcoin’s volatility is spilling over to other cryptocurrencies. Among the major coins, we don’t see any spectacular results.
Ethereum is performing slightly better than bitcoin, up 0.51%. Solana and Dogecoin are also marginally higher, with gains of 0.60% and 0.22%, respectively.
Ripple, on the other hand, is down 2.32%. But Hyperliquid, the eleventh-largest coin, is stealing the show with an 8.29% surge.
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