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Bitcoin back above US$26,000 after CPI release

Bitcoin rose this morning in Asia to trade above the US$26,000 support level. Ether also rose to reclaim US$1,600. The rally followed the U.S. consumer price index (CPI) release on Wednesday, which showed an acceleration in the annual inflation rate in August, while the core CPI that excludes food and energy prices posed a deceleration. U.S. stock futures traded higher, after Wall Street closed mixed on Wednesday. Bitcoin rose 1.45% in the last 24 hours to US$26,251.64 as of 07:20 a.m. in Hong Kong, adding 1.88% for the week. The world’s largest cryptocurrency reclaimed the US$26,000 support level on Wednesday afternoon and touched a daily high of over US$26,370 early this morning.

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