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Bitcoin slips back below $84,000 after brief $85,000 breakout
The reversal followed August personal consumption expenditures data, with headline PCE at 0.3% month over month and 3.4% year over year.
Bitcoin erased a brief rally above $85,000 on Sept. 30, slipping back below $84,000 after a fresh read on US inflation and a rebound in government bond yields and stocks, according to CryptoSlate.
At 3:28 p.m. UTC, the cryptocurrency traded close to $84,000, leaving the initial jump without a sustained breakout. CryptoSlate said bitcoin was still up 0.56% over 24 hours at that point.
The move came after the Bureau of Economic Analysis released August personal consumption expenditures inflation at 12:30 p.m. UTC. CryptoSlate cited headline PCE inflation at 0.3% month over month and 3.4% year over year, while core PCE rose 0.2% month over month and 3.0% year over year.
CryptoSlate also noted that BEA’s release included revisions to monthly personal income and outlays estimates beginning with January 2021, adding context for comparisons with earlier data. The update showed July’s monthly headline and core inflation readings at 0.1%, and August’s at 0.3% and 0.2%, respectively.
Latest closeBitcoin $83,726.42 ▲0.1%