Bitcoin Price Rebounds Above $82K After Brief Dip Below $80K

Bitcoin staged a rapid recovery Thursday, climbing back above $82,000 to trade slightly higher over 24 hours with a market cap near $1.65 trillion.

BTC Rebounds Above $82K After CPI Volatility

Bitcoin appeared to recover from a morning rout Thursday after it reclaimed $82,000 just hours after sliding below $80,000. The reversal erased most of the losses that followed the release of hotter-than-expected U.S. inflation data, which had sent the cryptocurrency tumbling from $84,000 to $82,700.

Mounting selling pressure on Wednesday drove bitcoin below its $82,000 support level, according to market data. After spending several hours struggling to break back above $82,000, the price dropped to under $80,200 near midnight as investors digested the inflation report and considered how it might push the Federal Reserve to raise rates again.

Over the next six hours, bitcoin traded in a range between $80,500 and $81,500 during a tight tug-of-war between bulls and bears. Shortly before 4 a.m. ET, a second wave of selling drove the price to an intraday low of $79,694. The rebound was swift, with Bitcoin rallying to $82,520 before pulling back to consolidate above $82,000 by 1:00 p.m.

Despite the extreme volatility, bitcoin was only marginally higher than it was 24 hours earlier,