Bitcoin Price Rebounds Above $82K After Brief Dip Below $80K

Bitcoin staged a rapid recovery Thursday, climbing back above $82,000 to trade slightly higher over 24 hours with a market cap near $1.65 trillion. Bitcoin appeared to recover from a morning rout Thursday after it reclaimed $82,000 just hours after sliding below $80,000. The reversal erased most of the losses that followed the release of hotter-than-expected U.S. inflation data , which had sent the cryptocurrency tumbling from $84,000 to $82,700. Mounting selling pressure on Wednesday drove bitcoin below its $82,000 support level, according to market data. After spending several hours struggling to break back above $82,000, the price dropped to under $80,200 near midnight as investors digested the inflation report and considered how it might push the Federal Reserve to raise rates again.

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