- The Bitcoin price may face extended correction below the $80,000 as red-hot 6% YoY PPI sparks inflation fear.
- Google Trends data from Alphractal highlights a major divergence between Bitcoin price action and public search interest during the current market cycle.
- The formation of classic reversal pattern ‘double-top’ signals a risk of major breakdown below $79,000 floor.
The pioneer cryptocurrency Bitcoin is down 0.91% during Wednesday’s U.S. market hours to trade at $79,750. The pullback followed macroeconomic pressure as consumer and wholesale inflation data, collectively crushed market hopes for Federal Reserve interest rate cuts. While the sluggish price action and escalating geopolitical tension continued to add additional pressure on Bitcoin price, the recent on-chain data shows a firm underlying resilience and growing demand for BTC. Can bulls defend the $75,000 floor?
BTC Faces Downside Risk as Analysts Flag Major Technical Red Alerts
Bitcoin price fell from $82,361 to $79,270 over the past...
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