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.
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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 Cli ..
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