Bitcoin (BTC) is currently trading at $104,275, reflecting a 2.92% gain over the past 24 hours. The cryptocurrency reached an intraday high of $104,376 and a low of $101,065.
This price movement comes amid a broader market reaction to the latest U.S. Consumer Price Index (CPI) data. Despite initial profit-taking that saw BTC dip below $103,000, the cryptocurrency has rebounded, indicating sustained investor confidence. Analysts suggest that the market's resilience, even in the face of macroeconomic data releases, underscores Bitcoin's growing maturity and its role as a hedge against traditional financial uncertainties .
Additionally, institutional interest in Bitcoin remains strong. Recent reports highlight significant BTC outflows from major exchanges, suggesting that large investors are moving their holdings to long-term storage, anticipating future price appreciation .
As Bitcoin continues to navigate the complex interplay of market forces, its recent performance reflects both the challenges and the enduring appeal of this leading digital asset.
