At the Bithumb Lounge Gangnam Main Branch in Seocho-gu, Gangnam-gu, Seoul, a coin price chart reflects on the floor where a Bitcoin model sits./Courtesy of News1

Bitcoin, which topped $80,000 last week, is moving sideways again in the $70,000 range and showing weakness.

According to the cryptocurrency market tracking site CoinMarketCap on the 9th, as of 8:10 a.m. that day, Bitcoin was at $78,507, down 0.60% from 24 hours earlier. It was up 1.63% from a week ago. Ethereum, the No. 2 by market cap, is trading up 0.07% at $2,486, and XRP is trading up 1.94% at $1.41.

Recently, Bitcoin has been moving sideways around the $80,000 mark but is showing weakness again. The market is watching the U.S. CPI to be released on the 11th and the FOMC to be held on the 15th-16th. With stronger-than-expected U.S. jobs data recently rekindling caution about rate hikes, the CPI result could determine the direction of risk assets, including Bitcoin.

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