- BTC reached multiple six-month highs before experiencing a price drop later on Thursday.
- The BTC price dropped by more than $1,000 within only a few hours amid hawkish remarks by Federal Reserve officials.
- Analysts believe that the BTC price will very likely be correct soon.
It was a wild week for the crypto market leader Bitcoin (BTC) as it reached multiple six-month highs before experiencing a price drop later on Thursday, and then rallying once again. It is no surprise then that people want to know exactly what caused this rollercoaster ride for BTC this week.
Earlier in the week, investor optimism was very positive after the release of the better-than-expected Consumer Price Index (CPI) data. This, in turn, caused multiple cryptos like BTC and Ethereum (ETH) to soar. One analyst even went as far as to say that this could be the makings of another bull market.
Unfortunately, merely a day later, things turned south and the BTC price dropped by more than $1,000 within only a few hours amid hawkish remarks by Federal Reserve officials. The announcement of a U.S. Securities and Exchange Commission (SEC) lawsuit against Terraform Labs co-founder Do Kwon, and a disappointing wholesale prices report suggesting that inflation remained stubbornly resilient was also looming over the consciousness of the crypto community.
According to CoinMarketCap, BTC is currently trading hands at $24,633.89 after a 4.01% increase in price over the last 24 hours.
After this, the price of Bitcoin (BTC) did recover a slight bit, but the crypto king is now facing resistance around $25,000. BTC has been trading around this level for a while now and has still not been able to surpass this $25,00 barrier, which leads many analysts to believe that the BTC price will very likely be correct soon.
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