Bitcoin trades below $80,000 on Thursday morning as hotter-than-expected U.S. producer inflation data weakened expectations for near-term Federal Reserve rate cuts.

Bitcoin ETFs saw $635.2 million in net outflows on Wednesday, while Ethereum ETFs reported $36.3 million in net outflows.    

Meme coin market capitalization is trading 1.6% lower at $38.5 billion over the past 24 hours.

Trader Commentary:

Crypto chart analyst Ali Martinez said Bitcoin appears to have been rejected at the key 200-day SMA near $82,500, increasing the probability of a pullback toward the 50-day SMA around $75,000.

Ted Pillows noted Ethereum successfully retested the important $2,250 support zone. Traders are now…

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