Bitcoin price struggles to retain bullish momentum due to tightening economic conditions in the U.S. The latest data in inflation became the primary reason for a sharp drop in BTC prices from $63,446 to $60,763 within hours.
University of Michigan consumer sentiment data revealed a fall from 77.2 in April to 67.4 in May, the lowest in six months and also missed market expectations of 76. Furthermore, inflation expectations for the year ahead rises to 3.5%, a six-month high from 3.2% in April. Also, the five-year inflation outlook hit 3.1% from 3.0%.
Meanwhile, new comments by Fed officials came cautious. Fed Lorie Logan said that there are important upward risks to inflation. It is too early to consider a rate cut. We need to be flexible in our policies. Federal Reserve Governor Bowman said that we need to maintain policy stability for a longer period of time.
BTC Price in 1Hr Timeframe. Source: TradingView
Crypto Market Saw Over $50 Million Liquidated Within Few Hours
BTC price fell
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