Cryptocurrency prices remain under intense selling pressure on Thursday, with Bitcoin (BTC) struggling to hold above $81,000 after testing its key demand area near $80,000. Ethereum (ETH) reflects Bitcoin’s weakening technical outlook, edging lower below $2,400.

Ripple (XRP), similarly, is in bearish hands, weighed down by a deteriorating momentum indicator and broader crypto market risk-off sentiment.

Sticky inflation and ETF outflows exacerbate risk-off sentiment

Wednesday’s United States (US) Consumer Price Index (CPI) report highlighted elevated inflation in the United States (US) amid higher Oil and energy prices. Headline inflation rose to 3.7% annually in September, printing above forecasts of 3.6% and up from August’s 3.4%.