Bitcoin struggles near support amid PPI spike

Bitcoin is currently hovering near a crucial support level, facing downward pressure from a significant spike in the Producer Price Index (PPI). The core PPI for April saw a 1% month-over-month increase, marking the highest surge since 2022. This inflationary data intensifies concerns about potential interest rate hikes by the Federal Reserve, which typically dampens investor appetite for riskier assets like cryptocurrencies. Compounding these issues, Bitcoin exchange-traded funds (ETFs) have experienced outflows, further contributing to the cryptocurrency's current precarious position.