Bitcoin Fails to Hold Above $85,000 Amid Bond Yield Spikes

Bitcoin failed to sustain its brief rally above $85,000 on September 30, slipping back below $84,000 after fresh US inflation data was released. The move followed the announcement of August personal consumption expenditures inflation at 12:30 p.m. UTC, which saw government bond yields rebound and stocks recover.

At 3:28 p.m. UTC, Bitcoin traded close to $84,000, leaving the initial jump without a sustained breakout. Despite still being up 0.56% over 24 hours at that reading, the modest daily move came after a sharp swing in price.

The Bureau of Economic Analysis release put headline PCE inflation at 0.3% month over month and 3.4% year over year. Core PCE, which excludes food and energy, rose 0.2% month over month and 3.0% year over year.