Crypto Market Surges as Bitcoin Reclaims $84K Amid Soft US Inflation Data

Bitcoin (BTC) has reclaimed its position above $84,000 after a softer-than-expected US inflation report. The PCE Price Index showed inflation held steady at 3.4% annually in August, below consensus forecasts of 3.7%. This news has boosted the crypto market, with Bitcoin rising above $84,000 on Wednesday.

Gold (XAU/USD), however, has trimmed its gains and is trading below $4,200. The metal remains under pressure as it holds below a dense band of moving-average resistance. The 200-day EMA at $4,313 and the 50-day EMA at $4,316 sit overhead, suggesting recent rebounds are corrective within a broader downside phase.

The US Bureau of Economic Analysis data released on Wednesday shows that inflation held steady at 3.4% annually in August. The core PCE Price Index, which excludes volatile food and energy prices, remained unchanged at 3% per annum, below the market consensus of 3.3%. On a monthly basis, the PCE Price Index increased by 0.3%, while the core PCE Price Index rose 0.2%.