Bitcoin Tumbles Below $80,000 Amidst Renewed Risk Aversion

Bitcoin's price continued to slide, falling below $80,000 for the fourth consecutive trading session. The cryptocurrency has struggled to sustain upward momentum amidst a choppy backdrop of risk assets.

The latest US inflation data did little to alter expectations that the Federal Reserve could raise interest rates. This development weighed on stocks and bonds, with oil prices climbing above $105 this week due to renewed Middle East tensions.

Bitcoin's decline comes as investors remain cautious about its price movements. The cryptocurrency has been stuck in a range trade for some time, making it difficult to predict where the market will head next.