On Friday, the BTC/USD pair traded strongly bullish, rising above the $16,750 level to $17,350. However, the stronger-than-expected US PPI figures from the Bureau of Labor Statistics have triggered a minor bearish correction, causing BTC to lose nearly 1.50% in the last few hours.
Bitcoin, the leading cryptocurrency, has remained mostly unchanged, up 6% from a recent low of $15,828. Since Bitcoin has been trapped below $17,000 for days, there has been no significant movement in the asset.
Bitcoin remained in a narrow trading range of $16,000 to $17,250 on Friday as the ongoing FUD continues to keep price action limited. The Securities Commission of the Bahamas (SCB) was watching FTX earlier this week.
Bitcoin is currently trading at $16,740, down from $16,886 at the start of the day. BTC has ranged between $16,761 and $17,002 in the last 24 hours as a result of the recent Russia-Ukraine conflict.