Investor Optimism Pushed Up The BTC Price By 13+% In One Week
- BTC reached multiple six-month highs before experiencing a price drop later on Thursday.
- The BTC price dropped by more than $1,000 within only a few hours amid hawkish remarks by Federal Reserve officials.
- Analysts believe that the BTC price will very likely be correct soon.
It was a wild week for the crypto market leader Bitcoin (BTC) as it reached multiple six-month highs before experiencing a price drop later on Thursday, and then rallying once again. It is no surprise then that people want to know exactly what caused this rollercoaster ride for BTC this week.
Earlier in the week, investor optimism was very positive after the release of the better-than-expected Consumer Price Index (CPI) data. This, in turn, caused multiple cryptos like BTC and Ethereum (ETH) to soar. One analyst even went as far as to say that this could be the makings of another bull market.
Unfortunately, merely a day later, things turned south and the BTC price dropped by more than $1,000 within only a few hours amid hawkish remarks by Federal Reserve officials. The announcement of a U.S. Securities and Exchange Commission (SEC) lawsuit against Terraform Labs co-founder Do Kwon, and…
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