Bitcoin Surges Past $85K on Cooler Inflation Data
Bitcoin rose above $85,500 after the August PCE inflation rate came in at 3.4% versus the expected 3.7%, with core PCE at 3.0% against a forecast of 3.3%. This reduction in inflation pressures has led to lower odds of another Fed rate hike, providing relief for both stocks and crypto markets.
The price of Bitcoin is currently at $84,343.75 within a bullish trend, with the asset above its EMA50 support level at $83,533.29 and EMA200 at $79,553.39. The MACD golden cross indicator remains at -74.58, maintaining momentum while the upper Bollinger resistance is being tested at $84,956.49.
This development suggests that any potential retracement would likely target the 50-EMA before continuing in this upward trajectory. According to the latest data, the crypto market appears to be avoiding a crash scenario with minimal impact from AI-related developments.