Bitcoin Stalls at $80,000 Amid Anticipation of Key Inflation Data

Bitcoin's rally has hit a roadblock at $80,000 as traders await key US monetary policy signals to gauge whether the recent gains have room to run. The largest cryptocurrency advanced 1% on Wednesday to about $79,000. It briefly broke through $81,000 on Tuesday before giving up gains as some investors moved to lock in profits from the biggest weekly advance in over three years.

The Bitcoin price has been rising steadily, but it's encountering resistance at a psychologically important level. Traders are waiting for inflation data and other key indicators to determine whether the cryptocurrency's rally will continue or stall.