Crypto market slumps as inflation fears rise and debt ceiling looms

- The correction witnessed in the cryptocurrency market over the past week deepened on Friday as consumer sentiment data from the University of Michigan showed a notable increase in consumer inflation expectations while debt ceiling talks in the U.S. have yet to result in any meaningful progress.

Data provided by TradingView shows that Bitcoin lost support at $27,000 in the early hours on Friday and continued to drift lower as the day progressed, hitting a low of $25,905 in the afternoon before bouncing back above $26,400.The pullback for BTC led to a decline in May Bitcoin futures prices, according to Kitco senior technical analyst Jim Wyckoff, who noted that “Prices today hit a seven-week low and are in a gentle downtrend.

For analysts at Matrixport, the weakness seen in Bitcoin over the past week is not surprising as, “for the second consecutive month, lower-than-expected U.S. inflation data had only a minor impact on the price of Bitcoin.”

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