.Today - Bitcoin, the largest cryptocurrency by market cap, returned to trade above $58,000 amid a whipsaw trading price action this week triggered by several factors.
At one point in the week, Bitcoin traded above $59,000 only to return to near $56,000, even dipping as low as $54,339 in Monday's trading session.
After two prior days of losses, Bitcoin closed Friday's trading session in green after the U.S. CPI report came out on Thursday with a core CPI gain of 3.3% versus 3.5% projected, appearing bullish for crypto.
The monthly inflation rate fell in June for the first time in almost four years, offering additional support for the Federal Reserve to begin cutting interest rates later this year.
The rebound sustained at press time with BTC up 2.15% in the last 24 hours to $58,215 after reaching intraday highs of $58,483.
