Bitcoin Rebounds as US Inflation Holds Steady at 3.4%

The August US inflation report showed a 0.4% increase in the Consumer Price Index (CPI), higher than July's 0.1% rise and in line with economists' forecasts.

This means that the year-on-year inflation rate remains at 3.4%, still above the Federal Reserve's target.

Bitcoin initially dipped towards $76,000 following the report, but quickly recovered to trade above $77,100.

The token's price ranged between $76,400 and $79,550 during the session, reflecting the mixed views among traders on what the latest inflation headlines mean for US interest rates.