Bitcoin Holds Steady Above $83,000 Amid Mixed Inflation Signals
- Bitcoin (BTC) traded around $83,550 after a rally peaked at $85,600.
- US PCE inflation data for August was reported at 3.4% year-on-year, lower than the expected 3.7%.
- BTC-denominated open interest fell nearly 20%, reaching its lowest level since March.
- Bitcoin’s price rose by approximately 35% from its August low, while third-quarter gains were recorded at over 42%.
- A critical support level for Bitcoin is identified at $82,500, with a liquidation cluster near $83,000.
The recent lower-than-expected US inflation figures have influenced Bitcoin’s price stability as it begins Q4, typically a strong quarter for the cryptocurrency market. The decline in open interest suggests less vulnerability to forced liquidations during this period of price fluctuation.
Bitcoin remains above $83,000 after experiencing significant volatility and a notable increase in value since August lows. The PCE inflation reading and changes in open interest could impact future trading dynamics significantly.
