Bitcoin (BTC) Price Stalls Below $80K Before Key Inflation Data
TLDR
- Bitcoin traded near $79,500 after briefly topping $82,000 last week.
- Strong U.S. jobs data raised expectations for a possible Fed rate hike.
- Spot Bitcoin ETFs recorded $987 million in weekly inflows.
- Key support sits near $77,000–$78,000, with resistance around $80,000–$82,000.
- Traders now await PPI and CPI data before the Fed’s September 16 meeting.
Bitcoin traded near $79,500 on Monday after giving back part of last week’s gains. The Bitcoin price remained below the $80,000 mark as traders assessed stronger U.S. jobs data, higher Treasury yields, and fresh inflation risks before the Federal Reserve meeting.
Bitcoin Price Holds Near $80,000
Bitcoin rose above $82,000 last week before Friday’s U.S. jobs report changed market expectations. The economy added 162,000 jobs in August, well above the expected 55,000, while unemployment stayed at 4.1%. The stronger report pushed the estimated chance of a 25-basis-point Fed rate hike on September 16 to about 60%. Treasury yields and the U.S. dollar moved higher after the data, while Bitcoin and other rate-sensitive assets weakened.
… Continue reading the full article at the original source below.
