Bitcoin (BTC) briefly dropped below $27,000 late on Wednesday, as markets reacted to the latest U.S. inflation report.
After an earlier high of $28,322.69, BTC/USD slipped to an intraday low of $26,883.67 towards the close of yesterday’s session.
This move saw bitcoin drop to its weakest point since March 28, when price was at a low of $26,640.
Since this earlier decline in price, BTC has since rebounded, and is currently trading at $27,494.24.
From the chart, this appears to be due to the relative strength index (RSI), which is now tracking at 41.91, and close to reentering a floor at 43.00.