Bitcoin rebounds above $82,000 after US producer prices jumped 6.3%
Bitcoin just climbed back over $82,000 after briefly dipping below $80,000.
The drop happened when US producer prices jumped 6.3% year-over-year, sparking inflation worries and wild swings: think $950 million in liquidations and $261 million pulled from Bitcoin ETFs.
As of now, Bitcoin is trading around $82,045.
Crypto recovers before Kevin Warsh speech
The whole crypto market is showing signs of recovery: Ethereum's up 3.37% to $2,438, and other coins like BNB and XRP are also seeing gains.
Prateek Gupta, Head of Business, Mudrex, points out that Bitcoin's key levels are between $80,000 support and $83,000 resistance.
Now everyone's watching for Fed Chair Kevin Warsh's speech. Analysts say there's a good chance of a rate hike, which could shake things up again.
Still, Minal Thukral, Executive VP-Growth & Crypto Business Head at CoinDCX, notes the market has stayed pretty resilient despite all the recent drama.