Bitcoin (BTC) price reclaimed $36,000 heading into the New York session Wednesday as investors awaited fresh data on inflation in May and El Salvador approved a bill that made cryptocurrencies a legal tender in the country.
The benchmark cryptocurrency surged 9.86% to an intraday high of $36,696, wiping off a portion of the losses it incurred in the previous session. In retrospect, the BTC/USD exchange rate had fallen to almost $31,000 on Tuesday over fears that the pair has entered a 2018-like bearish phase after topping out near $65,000 in mid-April.
#Bitcoin on the charts: Key levels to watch come in at $30,000 and $47,000. Below $30,000 opens possibility for deeper setback towards the previous record high from late 2017 around $20,000. Back above $47,000 will put the focus back on the current record high. $BTCUSD #crypto pic.twitter.com/X6d23G0FiH
— LMAX Group (@LMAX) May 25, 2021
On the other hand, bulls kept projecting Bitcoin as a primary tool against inflation, with Mike McGlone,