CoinDesk
Bitcoin briefly touched $84,000 early Wednesday, then fell back within an hour to about $83,200, down 0.5%. The price remains between its 50-day moving average near $81,000 and resistance at $84,000, as traders look ahead to U.S. inflation data.
Why it matters
Bitcoin has not closed above $84,000 since the latest push began. Buyers defended the 50-day average near $81,000 on Tuesday, but the Nasdaq 100's caution is limiting the appetite for risk, according to FxPro chief market analyst Alex Kuptsikevich.
Market impact
Nasdaq 100 futures were little changed, while a chipmaker-tracking ETF pointed to another day of selling. ASML rose more than 2% in Europe but said it cannot fully meet demand for the next two years. Bank of America and Morgan Stanley were due to report later Wednesday, ahead of a U.S. inflation report expected to show slower underlying price growth.
Among major crypto assets, ZEC and TRX rose about 1%, while HYPE fell 2% to about $81. Solana dropped 1.4% and Ether slipped 1% to just under $2,500. A daily Bitcoin close above $84,000 would be the first sign buyers have broken out of the range.
Frequently asked questions
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What price levels are keeping Bitcoin range-bound?
Bitcoin is between its 50-day moving average near $81,000 and resistance at $84,000. A daily close above $84,000 would be the first sign of a breakout.
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How did Bitcoin trade after reaching $84,000?
Bitcoin's early Wednesday move to $84,000 faded within an hour. It was then about $83,200, down 0.5%.
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Why is Nasdaq performance relevant to Bitcoin in this update?
FxPro analyst Alex Kuptsikevich said Nasdaq 100 caution is limiting Bitcoin's ability to advance, reflecting how institutions rank the assets in terms of risk.
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Which major crypto assets gained while Bitcoin retreated?
ZEC and TRX were the only gainers among the majors, each up about 1%. HYPE fell 2%, Solana dropped 1.4%, and Ether slipped 1%.
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What market events were traders watching alongside inflation data?
Bank of America and Morgan Stanley were due to report later Wednesday. Nasdaq 100 futures were little changed, while a chipmaker-tracking ETF pointed to another day of selling.
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