Bitcoin Plunges Below $77,000 on Hot PPI Data

Bitcoin's price plummeted by $1,200 to below $77,000 on Thursday as hotter-than-expected PPI data triggered massive liquidations in the crypto market.

The inflation prints sent shockwaves through the market, causing over $190 million in long positions to be liquidated within a 60-minute period.

This reaction is consistent with historical trends, where BTC's price has consistently shown downside pressure following inflation prints.

Currently, Bitcoin's price is testing lower Bollinger support at $77,491.42, while EMA50 resistance sits at $87,749.58 and the MACD death cross confirms bearish momentum on the 4h chart.