Both CPI and PPI showed notable increases MoM and YoY.

It was another eventful week in the financial markets, with all eyes turned to the inflation data from the CPI and PPI metrics released on Wednesday and Thursday. The readings were quite bearish for the crypto market, but more on that a bit later.

The primary cryptocurrency was already feeling the mounting selling pressure after getting rejected at the key $87,000 resistance on a couple of occasions in the past few weeks. As reported in our previous Market Update from last Friday, BTC had tumbled from $86,600 to $80,400 within days. However, it had recovered some ground and traded at around $83,000 at the time of…