Bitcoin Bounces Back After U.S. Inflation Data Release

Bitcoin recovered to $78,700 after the release of U.S. inflation data, which showed an increase in the Consumer Price Index (CPI) by 0.4% in August.

The CPI rose from a 0.1% gain in July, and annual inflation remained at 3.4%. However, the core CPI, excluding food and energy prices, increased by 0.3%, exceeding the expected 0.2%.

Just before the report's release, Bitcoin was trading above $77,000 on Binance, but it dropped to $76,037 immediately after the release.

Despite this initial drop, Bitcoin rebounded within the next half hour, surpassing $78,700 at the time of writing.