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.