After a healthy pullback to $57,600, Bitcoin has soared to record a new high of $69,000 but has retraced to around $64,000. For an in depth break down, please refer to technical analysis.
Bitcoin’s rally over the last few weeks has been primarily driven by rising inflationary concerns.
Bitcoin moved higher following Wednesday’s higher than expected CPI print but gave up all the gains as equity markets began to dip, suggesting Bitcoin is still caught between a store-of-value and risk-asset.
Bitcoin price action remained unaffected by the House’s approval of a $1.2T bipartisan infrastructure bill which includes an unfavorable crypto tax reporting requirement.
According to Chainalysis, Bitcoin Whales, parties with over 1,000 tokens, added 142,000 Bitcoin. Large holders generally take coins out of circulation which may drive a supply shock.