Bitcoin tops $40k after hitting a three-week low
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The first cryptocurrency is trying to recover after the fall the previous day. But are the buyers able to sustain the pressure?
Following the three-week lows, Bitcoin is showing signs of recovery. For the last few hours, the first cryptocurrency once again raised above $40,000. As I am writing this, Bitcoin has risen to $40,500.
Some traders see this as a short-term bounce. The amount of liquidated long positions on crypto exchanges in the past 24 hours has climbed to the largest since January 22nd – $428,000.
Bitcoin and other top cryptocurrencies began to rise after the US Department of Labor released a report, suggesting that inflation has increased to 8.5%. This is the maximum since 1981. Moreover, the Consumer Price Index (CPI), measuring the price of a basket of goods and services for Americans, has risen by 7.9%.
It is unclear if Bitcoin is going to continue to rise. What do you think, are the buyers able to sustain the growth? Or is Bitcoin destined to fall below $40k for the time being?
Source: CoinMarketCap
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