Bitcoin Hits Crucial Support Level Ahead of Inflation Data

Bitcoin's price has been weakening in the short term ahead of the latest U.S. inflation data, with traders increasingly cautious and opting for safer assets.

The cryptocurrency is approaching a crucial support level around $76,487, with any further selling pressure pushing it toward $76,232.

XRP is also experiencing similar weakness, having broken several support levels below $1.32, which could expose the next downside target of $1.30 if it holds.

The upcoming Consumer Price Index (CPI) data release will be a key trigger for the next directional move in Bitcoin and other cryptocurrencies.