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Bitcoin Price Today: Understanding the Cryptocurrency Fall - Check Support

Bitcoin Price Today: The major cryptocurrency trading session saw a jump ahead of the release of US CPI data on Tuesday, which may have an impact on the direction of interest rates. This week, all eyes will be on Wednesday's actual CPI statistics in the United States to see if the first quarter's positive shocks were an exception or a worrying trend. Core inflation is expected to fall from 3.8% in March to 3.6% in April.

Meanwhile, the worldwide cryptocurrency market capitalization decreased by 1.59% to almost $2.27 trillion in the previous 24 hours.

As of 2:30 p.m., Bitcoin was trading 0.25% lower at $61,832.01, while Ethereum experienced a 0.14% fall to $2,913.57. Additionally, altcoins such as Solana (0.24%), Dogecoin (0.87%), Shiba Inu (0.18%), and NEAR Protocol (1.55%) followed suit in the downward trend.

Check support

"After showing two days of closed range sideways movement, BTC finally gained some momentum as it briefly crossed $63k and seems to be setting for another leg up with $60k as a firm psychological support on the downside. The biggest gainer in the last 24 hours was the memecoin PEPE, as it crossed its all time high in parallel to the return of the “roaring kitty” on, a user who got famous in the last bull cycle. Since he was the primary reason why memecoins ran hard during that time, all top memecoins showed strength", according to CoinSwitch Markets Desk.

According to CoinMarketCap statistics, the total amount of stablecoins is now $68.22 billion, accounting for 91.53% of the whole crypto market's 24-hour volume.

Bitcoin, the world's largest cryptocurrency, has seen its market capitalization increase to $1.218 trillion in the previous 24 hours. According to CoinMarketCap, Bitcoin has a current dominance of 53.71%.

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