BTC/USD: Bitcoin Prices Retreat 12% from Record After Inflation Data Dents Bright Outlook

Traders offloaded their Bitcoin amid a flurry of US reports hinting that price pressures might be picking up again.

Key Points:

• Bitcoin tumbles 12% in four days.
• Slight rebound lifts price to $68K.
• History of rises, falls, and more rises.
• Bitcoin prices BTCUSD endured a big pullback over the past few days in response to a string of economic data out of the US. A cluster of hot inflation reports, including producer prices and consumer prices, suggested that inflation pressures might be creeping up again after a period of slowing price growth.
• With the recent upticks across the inflation mosaic, Bitcoin surrendered a total of 12% to pillaging bears in the span of four days. Prices went from the crypto’s record high of $73,800 to a 10-day low of $64,500 per token on Sunday before rebounding to levels gravitating near $68,000. Early on Monday, the price tag was mostly unchanged as trading was yet to gain momentum.
• In the fairly short history of Bitcoin, traders have learned that this market can be unforgiving. Bitcoin has been through four extreme drawdowns that have erased more than 80% of its valuation. Still, after each painful fall, Bitcoin has pulled itself together to come out stronger than ever. With the recent drop being factored in, the orange token’s price is up about 60% on the year.