Bitcoin price has fallen below $80,000 after fresh US inflation data and rising rate hike expectations triggered renewed selling pressure across crypto markets on May 13.

According to Coingecko, Bitcoin (BTC) was trading near the $79,000 after losing the key psychological support level that traders had defended throughout the week.

The decline followed a volatile session in which BTC briefly attempted to stabilise above $81,000 before sellers regained control after the latest US Producer Price Index report.

Elsewhere across traditional markets, Treasury yields and the US dollar moved higher after the inflation release, adding more pressure on speculative assets.

Bitcoin, which has increasingly traded in line with liquidity conditions and…