Bitcoin and select cryptocurrencies have been trying to rebound following the release of the Consumer Price Index (CPI) data. However, bulls may find it difficult to continue the recovery at higher levels. Here are the most important things to know about this situation:
1. The CPI data release has caused concerns about inflation, which has led to a sell-off in the stock market and other assets. Bitcoin and select cryptocurrencies, which are often seen as a hedge against inflation, have also been affected by this sell-off.
2. Despite the recent rebound, Bitcoin and select cryptocurrencies are still trading below their recent highs. This suggests that there may be resistance at higher levels, which could make it difficult for bulls to continue the recovery.
3. There are also concerns about regulatory crackdowns on cryptocurrencies, which could further dampen investor sentiment and limit the potential for a sustained rebound.
In summary, Bitcoin and select cryptocurrencies are trying to rebound following the CPI data release, but there are several factors that could make it difficult for bulls to continue the recovery at higher levels. Investors should remain cautious and keep an eye on developments in the regulatory environment and broader market trends.