Bitcoin Holds Steady Near $83,000 Ahead of Key US Data Releases

Bitcoin traded near $83,000 on September 29th after falling from levels above $87,000. The 10-year Treasury yield stood at 5.25%, while two key US economic data releases were due this week.

The Bureau of Economic Analysis is set to publish August PCE inflation data on September 30th, followed by the September employment report on October 2nd. Traders had already added bets on further Fed rate hikes ahead of the PCE print, which could impact the yield.

Global stocks fell to a one-week low, with the MSCI ACWI at its lowest since September 18th. The Fed has increased its target range by 25 basis points to 3.75% to 4.00%, as announced on September 16th.

Alex Kuptsikevich, chief market analyst at FxPro, said Bitcoin was testing the lower boundary of last week's consolidation range around $83K. He noted that a retest of the $82K region could be expected under current conditions.

Zcash fell about 12% in a single session, unwinding part of its rally this month. Other altcoins like SOL and HYPE lost 3% to 4%, while Ether was flat.