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.
![](https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=1200/https://s3.cointelegraph.com/uploads/2023-10/5b5ac552-e6e8-4680-b7c1-8349982fee6c.jpg)