Bitcoin Reclaims $84K as Gold Slips Amid Softer US Inflation Report
Bitcoin (BTC) has reclaimed its position above $84,000 after a softer-than-expected US inflation report. The August Personal Consumption Expenditures (PCE) Price Index came in below market expectations, with inflation holding steady at 3.4% annually.
The data release saw gold prices slip towards $4,100 as investors took profit from recent gains. However, Bitcoin appears to be edging higher after reclaiming the $84,000 level, with a daily close above this level potentially reinforcing the bullish trend and encouraging investors to take on more risk.
The technical analysis suggests that initial support for BTC lies at the SuperTrend line near $78,352, closely followed by the 50-day EMA at $77,827. The 200-day EMA at $75,021 and the 100-day EMA at $74,315 form a deeper structural floor.
Gold, on the other hand, trades under pressure with a bearish near-term bias. It holds below a dense band of moving-average resistance, suggesting that recent rebounds remain corrective within a broader downside phase.