Bitcoin's Price Pulls Back Amid Inflation Data Uncertainty

Bitcoin's price has pulled back to $78,850 after a 1.53% loss in the previous day.

Despite this correction, analysts remain constructive on Bitcoin's outlook but caution that it is not yet conclusive.

The US inflation data due on Friday will be a key deciding variable for crypto markets this week, according to QCP Capital.

If the inflation data shows that prices continue to ease towards the central bank's 2% target, it could strengthen the case for keeping interest rates unchanged.