Bitcoin Slumps Below $79,500 as Inflation Fears Mount

Bitcoin prices have fallen below $79,500 ahead of the release of US inflation data. This has raised concerns that the cryptocurrency may drop further to around $70,000 if it cannot break through this resistance level.

Analysts are watching a broader support range of between $63,000 and $71,000 as critical for Bitcoin's short-term prospects.

The recent rise in oil prices to near $100 per barrel has also added to inflation worries ahead of the September 9th data release.