Bitcoin Bounces Back Despite Inflation Fears and Mideast Tensions

Bitcoin's price rebounded sharply on September 14 to $77,462, up 0.26 percent from the previous day, despite hotter US inflation data and rising Middle East tensions.

Rising crude prices also put pressure on broader risk assets, but Bitcoin managed to recover some of its early losses.

According to Riya Sehgal, Research Analyst at Delta Exchange, the recovery is constructive, with the price pushing back toward $77,800.

The immediate test for Bitcoin will be breaking through the $78,000 level, which would bring $78,800-$79,000 into focus. However, failure to hold the $77,300-$77,500 area could expose recent lows again.