Bitcoin Dives Below $84K as Traders Await Inflation Data and Micron Results
Bitcoin (BTC) prices dropped below $84,000 on Wednesday morning as traders anxiously awaited US inflation data and Micron Technology's quarterly results. The August personal consumption expenditures (PCE) price index, a key indicator for Federal Reserve interest rates, was set to be released at 8:30 am ET.
The July PCE index rose 3.7% from the previous year, while core PCE, which excludes food and energy prices, increased 3.3%. Both measures saw a 0.2% rise from the prior month.
With rate expectations still in focus after the 30-year Treasury yield reached 5.60% on September 28, higher borrowing costs can impact assets sensitive to interest-rate expectations. Investors were also keeping an eye on Micron Technology's fiscal fourth-quarter results, scheduled for a financial call at 4:30 pm ET.