PONS Plunges Further, BTC Retreats to $78K Ahead of First US Inflation Data: Market Watch

Big daily losses are also evident from LIT, DASH, ARB, PUMP, UNI, and many others.

Just hours before the first of many major macro events scheduled to unfold in the following week or so, the US PPI data, bitcoin’s price has slipped toward $78,000 once again after it was rejected at $80,000 earlier this week.

The altcoins have followed suit, with some major losses from the likes of BNB, DOGE, XLM, LINK, UNI, CRO, and many others.

BTC Slips to $78K

The primary cryptocurrency had an eventful end to the previous business week, as it had dropped to over $76,800 by Wednesday before the bulls picked up the pace. Instead of dumping further, the asset went on the offensive hard. It skyrocketed by several grand within less than a day and jumped past $82,400 for the first time in well over three months.

However, it couldn’t maintain its run and quickly declined to $81,000. The US jobs report, which was much stronger than anticipated, intensified the selling pressure on Friday, and BTC slipped to $78,800.

It rebounded over the weekend, and even charged at $80,000 on Monday morning, where it was stopped once again. The subsequent rejection unfolded gradually and culminated on Tuesday with a dip to $77,600. Its rebound was halted at $79,600, and BTC now struggles at $78,000 in what is expected to be another eventful end to a business week. It starts today with the PPI numbers and, more importantly, continues tomorrow with the CPI data.