Bitcoin Up Today: Price Correction or Bullish Comeback?

After dropping below $67K on Tuesday for the first time in weeks, Bitcoin (BTC) is back up, climbing to $67,786 (BTC/USD).

The token was hit hard by recent inflation news that showed economic decline in some areas. Bitcoin took a hard knock that diverted its course from reaching a record high. That hit was so severe that analysts expected the coin to make a small recovery.

That is what we are seeing today, as Bitcoin is up by 1.04% over the last 24 hours. This is a small enough increase that we cannot say the coin looks bullish yet. This appears to be just a price correction as well as a response from investors to the incredibly low Bitcoin price point. Investors are buying at the low point in expectation that the coin will make a comeback in the near future.

The Next Bitcoin Hurdle

It was primarily inflation that impacted Bitcoin’s steady climb toward a new record high. It may be inflation that checks this price correction and hits the token with another blow. Today, FOMC members will be speaking concerning inflation at a press conference. Their statements could have a direct and possibly dire impact on Bitcoin’s progress.

In addition, we will also see reports on the Consumer Price Index as well as the Federal Funds Rate. These could help or hinder Bitcoin, but investors should realize that inflation has stayed very high recently and has shown little sign of abating.

The US economy is in a tight spot, coming out of recession slowly, so most economic data will tend to be only mildly positive or negative. Bitcoin has an uphill battle against inflation right now that could be helped from more positive news from the cryptocurrency market. As spot ether ETFs hit the market, we could see some promising developments in that niche that will have a positive knockdown effect on the rest of the crypto market.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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