Bitcoin Seeks Milestone as CPI Data Ignites Crypto Rally

Bitcoin's price has surged to $79,450 following the release of U.S. consumer price index (CPI) data, which showed a slowdown in annual core inflation.

The CPI rose by 0.4% in August, while annual inflation held steady at 3.4%. However, core CPI increased by 0.3% for the month, but the annual core figure slowed to 2.4% from 2.5%, hitting its lowest level since March 2021.

This has provided a boost to risk assets, with Bitcoin now less than 1% away from the psychological $80,000 barrier. A breakout above this level would erase nearly all weekly losses and provide buyers with a clearer signal that the recovery is gaining sustainability.