Bitcoin Bounces Back From Inflation Data Dip

Bitcoin's price briefly dipped to $76,700 after the recent inflation data release, but it quickly recovered and is now hovering around $78,000. According to QCP Capital, this reaction was 'contained,' indicating that markets have absorbed the prospect of a 25-basis-point rate hike.

The firm notes that Bitcoin's technical setup remains constructive at current levels, although conviction is still dependent on how the broader market responds to recent events.