After showing flashes of brilliance early in the day, Bitcoin price is now firmly trading under $80K amid fears for a steeper drop. The drop in prices follows the release of US economic job data as Bitcoin (BTC) finds its bearing amid macroeconomic uncertainties.
Bitcoin Price Falls Under $80K
According to CoinMarketCap data, Bitcoin price has slipped under $80K again after showing glimpses of promise early in the day. BTC currently exchanges hands at $79,511, a steep drop of nearly 4% over the last 24 hours.
Bitcoin price reached a daily high of $83,541 before reversing toward lows of under the $80K mark. Prices traded for as low as $78,456 leaving investors scratching their heads over price performance.
The largest cryptocurrency looked set for a parabolic rally following the release of US CPI data. Per the data, the US CPI inflation rate settled at 0.1%, sparking belief for Bitcoin’s massive breakout ahead of an imminent Fed rate cut. Within hours of the data release, BTC soared
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