Bitcoin remains resilient above $80,000 despite a turbulent day for U.S. stocks and rising Treasury yields. The cryptocurrency's stability comes as an inflation report exceeded expectations, causing a sell-off in equities and a rise in bond yields. Bitcoin is currently trading near $82,000, recovering from recent lows of around $60,000, with the broader crypto market showing moderate strength.
The CoinDesk Market Index increased by 1.5%, and the total crypto market capitalization reached approximately $2.67 trillion. Bitcoin's 24-hour trading volume decreased by 6.7% to $34.7 billion, indicating moderate market activity. Ethereum and Solana also posted gains, rising by 0.9% and 4.5%, respectively.
Bitcoin's support above $80,000 is bolstered by demand from spot Bitcoin ETFs, which have influenced capital flows since their introduction in January 2024. On-chain data suggests long-term holders are accumulating rather than selling, even as prices approach resistance levels. The immediate focus is on the $82,000 resistance, with potential implications for future price movements.
Bitcoin Steadies Above $80,000 Amid Stock Market Turmoil
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