Bitcoin Soars Above $84,000 as Gold Slips Amid Soft Inflation Data

The Bitcoin price continued its recovery on Wednesday, surpassing $84,000 as buyers returned to the market after softer-than-expected US inflation data. This marked a second consecutive day of gradual growth for the cryptocurrency, which has been building momentum in the region between $82,000 and $83,000.

Meanwhile, gold prices slipped towards $4,100, having been rejected at its daily high of $4,219. The metal's steady decline since August highs at $4,697 has undermined investor interest, with the region between $4,000 and $4,100 becoming a key area to watch for potential dip buyers.

The US Bureau of Economic Analysis (BEA) data released on Wednesday showed that inflation held steady at 3.4% annually in August, below consensus forecasts of 3.7%. The core PCE Price Index remained unchanged at 3% per annum, also below market expectations.