Crypto prices rise as Bitcoin rallies 6.65% to reclaim support above $26k
Crypto traders welcomed the sight of rising prices on Tuesday after the weakness of the past couple of weeks had many expecting the market to take another leg lower, with multiple analysts warning Bitcoin (BTC) could retest support at $20,000.
While cryptos climbed higher, stocks fell under pressure as investors await this week's Consumer Price Index (CPI) reading, with many concerned that inflation is once again on the rise as evidenced by nine-month highs in the price of WTI crude and Brent oil. The S&P, Dow, and Nasdaq all closed the day in the red, down 0.57%, 0.05%, and 1.04%, respectively.
Data provided by TradingView shows that Bitcoin reversed course from Monday’s low near $24,900 to climb 6.65% on Tuesday, hitting an intraday high of $26,565 before pulling back to support above $26,000.