Crypto Prices Steady Amid Inflation Data and Rate Hike Expectations
Cryptocurrency prices held steady on Wednesday as investors digested the latest inflation data and expectations of another rate hike. Bitcoin dipped slightly, but Ethereum, XRP, and Dogecoin gained ground.
Bitcoin's price hit an intraday high of $85,518 in the early hours before pulling back to the $83,000 range by evening. Ethereum consolidated between $2,650 and $2,730.
Rekt Capital, a widely followed cryptocurrency analyst and trader, stated that Bitcoin needs to show stability above the low $80,000s for 'additional trend continuation to the upside.' Loss of that stability would see price revert into the $60,000-$80,000 Macro Range for additional consolidation there.
CryptoQuant noted that Bitcoin's 90-day Buy/Sell Pressure indicator has returned to a zone associated with 'stronger buying pressure,' though still below the higher levels seen during 'stronger expansions.' If the delta stalls near its current level and rolls over while price pushes higher, the divergence would suggest that the rally is losing support.