Live updates: Bitcoin tumbles from near $84,000 ahead of U.S. inflation data
Bitcoin prices are struggling to break the $84,000 resistance level as traders await U.S. inflation data. Market analysts suggest that Bitcoin's correlation with the Nasdaq 100 and broader institutional risk sentiment is currently capping its growth.
Why it matters
The performance of Bitcoin relative to macroeconomic indicators provides insight into its status as a maturing asset class within global financial markets.
The 50-day moving average is bitcoin’s average closing price over the past 50 days, and traders watch it for the medium-term trend. Buyers defended it on Tuesday, when bitcoin bottomed near $81,000, but they haven’t managed to push the price through $84,000 since.
ZEC and TRX were the only gainers among the majors, up about 1%. HYPE was the laggard, down 2% to about $81. SOL fell 1.4% and ether slipped 1% to just under $2,500, according to CoinDesk data.
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