Bitcoin briefly broke back into the $20,000 region on Thursday, following a volatile day of trading. Volatility in crypto markets came as data released showed that inflation in the United States had risen to its highest level in over four decades. ETH also briefly rose above $1,100.
BTC was marginally higher on Thursday, as prices rallied following a turbulent 24 hours of trading, which saw prices fall below $19,000.
Following this drop, the world’s largest crypto token climbed, hitting a peak of $20,361.12 earlier in the day.
Volatility in the market comes following the release of June’s inflation data, which gained by 1.3%, and now sits at 9.1%.
Bitcoin traders now expect the Fed to hike rates by another 75 basis points later this month, which could further impact prices.
As of writing, BTC/USD is now trading at $19,801.76, which although being lower than earlier highs, is still above yesterday’s floor at $18,999.95.
Like on Wednesday, the 14-day RSI remains below resistance of 41.80, and this looks to be the main obstacle preventing prices from a sustained breakout.
Ethereum
ETH also had to battle market volatility on Thursday, as prices came within a stone’s throw of falling below $1,000.
The token fell to a low of $1,019 late in Wednesday’s session, however prices rebounded today, climbing to a high of $1,120.32 in the process.
Since breaking above this $1,100 threshold, earlier bulls have turned bearish, with prices now trading close to $1,080.
