Bitcoin Surges as Fed Rate Decision Looms Amid Inflation Uncertainty

Bitcoin (BTC) prices are rising as investors await the Federal Reserve's interest rate decision. On Friday, BTC approached $79,000 after US inflation data was released.

The largest cryptocurrency by market capitalization had tested support near $76,000 earlier in the day amid macroeconomic uncertainty.

Gold (XAU) has climbed to $4,367, despite trading in a broad sideways range. An upside breakout could open the door to another attempt above $4,700 and the critical $5,000 level.

The US Consumer Price Index (CPI) remained steady at 3.4% in August, while core CPI rose 0.3%, exceeding expectations of 0.2%. Core CPI eased to 2.4% from July's 2.5% on a yearly basis.