Bitcoin Stabilizes Near $79K as August PPI Data Lends Cautious Optimism

Bitcoin held near $79,000-$80,000 following August's Producer Price Index (PPI) data release. The PPI rose 0.4% for the month and 5.4% over the past year, both figures matching or slightly beating expectations.

Matt Mena, senior crypto research strategist at 21Shares, called the reading 'slightly hotter than expected.' He noted that markets had already priced in the move due to rising oil prices. Mena forecasted a run toward $82,000 by month-end and said BTC could briefly dip to $75,000 before any further climb.

U.S. spot bitcoin ETFs took in $603.3 million through the first six September sessions, while mid-sized coin inflows to exchanges fell 15.5% since early August. Whale balances have stayed flat near 5.22 million BTC since September 2.