Bitcoin Loses $81,400 Support, $80,000 Comes Into Focus

The decline follows US inflation rising to a higher-than-expected 3.7% . Stronger inflation can make the Fed more reluctant to lower rates, weakening expectations for cheaper borrowing and easier financial conditions. That can reduce appetite for speculative assets, including crypto. Bitcoin’s chart has deteriorated alongside that backdrop. Price has moved below its ascending channel, the 50-day simple moving average and a Fibonacci level that had provided a nearby support reference. A rebound now faces those lost levels before it can rebuild the previous rising structure.

Source: Coindoo