Bitcoin retraced nearly all gains from the past week after falling over 4% to around $58,000, heavily leading the losses across the major cryptocurrencies.
The recent release of the U.S. CPI, which indicated a 2.9% increase year-on-year, sparked a sell-off despite positive stock market reactions.
According to K33 Research, crypto prices have become "highly sensitive" to U.S. economic data, prompting shifts as investors gravitate toward stability.
FxPro's Alex Kuptsikevich noted, "A new sell-off momentum is still the prevailing scenario, with a potential pullback to $55K," indicating further expected losses.
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