Bitcoin Approaches $85,000 as Inflation Reports Loom
Bitcoin's price is being tested as it approaches $85,000, a key level identified by Glassnode. The cryptocurrency fell to an intraday low of $82,563 on September 28, just below this cluster of long-term holder supply. A soft August PCE print could lift Bitcoin before September's factory inflation report forces traders to reevaluate the Fed's path.
The personal income and outlays report for August will be released on September 30, followed by the ISM manufacturing survey for September on October 1 and the employment report for September on October 2. These releases may send different signals about inflation and labor outlook, which drives interest-rate expectations.
A reassuring consumer inflation reading could arrive a day before a less comfortable snapshot of factory input costs. Glassnode's analysis mapped a large cluster of long-term holder supply at $84,000 to $85,000, making Bitcoin's ability to reclaim this area a measurable response to the week's news.