Cryptocurrency Market Retreats Amidst US Inflation Data

The cryptocurrency market has retreated to its support levels as investors await key economic data. The total market capitalization fell by 1.1% to $2.63 trillion, a decline that was largely driven by the US inflation data.

Bitcoin fell below $77,000 on Thursday, hitting an eight-day low, as the rise in government bond yields reinforced expectations of a Federal Reserve rate hike. The price of Bitcoin is currently finding support from buyers at the lower boundary of its consolidation range.

Ethereum has been trading sideways for some time, unable to break above $2.5K and establish itself firmly above that level. However, breaking above the 200-week moving average has triggered rallies on six occasions in the past.