Bitcoin Slides As CPI Report Hints At Soaring Inflation – More Bearish Pressure Ahead?

As traders buckle down for the weekend, Bitcoin prices ushered in Friday’s session rather sluggishly. During European trading hours, Bitcoin stayed slightly around $30,000, displaying signs of weakening ahead of the U.S. consumer price index (CPI) release. The price of Bitcoin decreased on Friday after U.S. CPI data revealed that inflation was not abating. Suggested Reading | Ethereum Prices Down For 4th Straight Session As ETH Trades Below $1,800 Bitcoin Drops 1.6% Minutes After CPI Report In contrast to forecasts, the U.S. CPI increased last month, as indicated by the data. BTC fell by 1.6% in the minutes following the release. BTC prices continue to trade below this week’s resistance level of $30,500 and have inched closer to the $29,500 support level. BTC traders have experienced a consolidation between $32,000 and $28,650 after the selloff in May pushed the BTC/USDT pair to a low of $26,350. As a result, the BTC price has oscillated within a range for about a month, signaling market participants’ uncertainty. CPI Climbs 8.6% YOY Last Month According to the U.S. Department of Labor, the CPI, the most commonly followed measure of inflation, rose 8.6 percent year over year in May, up from 8.3 percent in April. The market anticipated a reading of 8 percent. Source: New York Post U.S. inflationary pressures have driven the Federal Reserve to boost interest rates more rapidly, suggesting additional losses...