Bitcoin (BTC-USD) continues to see price weakness with a nearly 3% drop to the ~$26,400 level today. The largest cryptocurrency has now decisively corrected to its 100-day moving average of $26,109 and could drop to the next support level of $25,000.
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Major Cryptocurrencies including Ethereum (ETH-USD) are seeing subdued sentiment despite the recent inflation print which kindled hopes of a rate hike pause from the U.S. Federal Reserve.
With Bitcoin now at multi-week lows, traders may look to lock in profits after the mega rally in the crypto space so far this year and this could send prices even lower.
Despite the recent correction, BTC and ETH still remain nearly 58.2% and 45.8% up respectively, so far this year.
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