The price of bitcoin (BTC) fell by 5.18% on Wednesday. BTC finished the day at $28,818 after gaining 3.24% on Tuesday. Significantly, for the first time since April 9, BTC finished the session below $29,00.

BTC rose to a first-hour high of $30,412 before reversing course, marking a mixed start to the day. BTC dropped to a low of $28,582 in the last hour, missing the First Major Resistance Level (R1) at $30,889 in the process. Before closing the day at $28,818 BTC broke through the First Major Support Level (S1) at $29,531 and temporarily broke past the Second Major Support Level (S2) at $28,671.

Eurozone and UK Inflation the cryptocurrency market and BTC south

Investors were alarmed by economic data from the UK and the euro zone. Rate increases and the possibility of a worldwide economic recession are indicators of sticky inflation.

Compared to a predicted 9.8, the UK's annual inflation rate decreased from 10.4% to 10.1%. Core inflation in the euro region increased from 5.6% to 5.7%.

The most recent data indicate that more effort is required to control inflation despite robust policy steps taken to bring inflation to goal. While the price of energy may have fallen, the price of food has increased, sustaining high inflation.

This week, comments made by FOMC members rekindled the Fed Fear. James Bullard, a member of the FOMC, downplayed concerns of a recession in the wake of Christopher Waller's hawkish remarks last Friday while advocating for more rate increases to fight inflation.

The sell-off coincided with the publication of the UK and euro area CPI statistics; there were no market-related factors to trigger it.

Despite Republican Warren Davidson's calls to have Gary Gensler's position as chair of the Securities and Exchange Commission removed, there was a sell-off.

"To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the position with an Executive Director who reports to the Board, where all authority resides," Davidson said to the SEC Chair during the Securities and Exchange Commission Oversight hearing on Tuesday. Former SEC Chairs will be regarded as ineligible.

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