The digital asset continued its downward trajectory on Thursday, breaching a key technical support level as a broader cryptocurrency rout intensified. Bitcoin dropped below the $71,000 mark, a move that triggered the liquidation of $50 million in bullish long positions within a 15 minute window.
The selloff follows a macroeconomic shift sparked by U.S. inflation data showing October CPI rose 0.4%, above the 0.3% forecast. The result has reinforced bets on a December interest rate hike by the Fed, adding to a slide that has seen the asset fall from a September 21 high of $87,374 to its current 12 week low.
