Bitcoin Price Drops Below $27,000 as Inflation Data Stokes Fears

Bitcoin price dropped below $27,000 support level after higher than expected US inflation data.

Traders are monitoring the $26,800 level as an important support zone for Bitcoin.

The drop follows a 'death cross' pattern completing on the daily chart earlier this week.

Open interest on crypto derivatives exchanges is at multi-month highs, which tends to increase volatility.

Thin buy orders around $26,650 on Binance orderbook indicates limited support below current prices.