Bitcoin falls below key support as US inflation rises, eyes $78,218 target

Bitcoin experienced renewed selling pressure in the past 24 hours after higher-than-expected US inflation data unsettled global markets. The cryptocurrency lost more than 1% shortly following the release of the latest Consumer Price Index (CPI) report, as investors reassessed the outlook for interest rates and risk assets. Headline annual inflation in the US rose to 3.7%, up from 3.4%, while consumer prices climbed by 0.6% on a monthly basis. The sharpest increase came from gasoline prices, which surged 9.1% during the month and accounted for much of the overall gain. Core inflation, which excludes volatile food and energy components, registered 2.6% year-over-year. The persistence of elevated inflation increased concerns that the Federal Reserve may have less room to loosen monetary policy in the coming months.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinTurk News.