Bitcoin Price Drops Below $70,000 Amid US PPI Data and Powell Speech

The recent drop in the Bitcoin price has sparked concern among investors as it fell over 5% to test the $70,000 support level. The decline was triggered by hotter-than-expected US PPI data and Jerome Powell's Federal Reserve speech, which cast doubt on interest rate cuts for this year.

According to data from crypto.news, Bitcoin price fell from its Wednesday high of $74,700 to an intraday low of around $70,660 on Thursday. The leading cryptocurrency was hovering at $70,879, down 27% from its year-to-date high of $97,538.

The global crypto market tanked alongside Bitcoin, with major assets such as Ethereum, XRP, Solana, and Dogecoin mirroring the decline. The sharp drop in Bitcoin's price triggered a liquidation cascade across leveraged markets, with total crypto market facing $455 million in liquidations.

Technical indicators signal a potential rebound, but a breakdown below $70,000 could expose Bitcoin to further losses towards $65,000 and $60,000. The immediate resistance to keep an eye on lies at $72,540, the upper boundary of the Supertrend. A break above it could push Bitcoin price to above $74,500.