US CPI Holds Steady, Fueling Rise in Bitcoin and Gold Prices

The US Consumer Price Index (CPI) held steady at 3.4% in August, as expected by economists.

BTC and Gold prices have been on the rise since then, with Bitcoin nearing $79,000 and Gold trading above $4,300.

Markus Levin, co-founder of XYO, commented that 'today's CPI keeps a 25-basis-point Fed hike in September as my base case,' adding that this makes a September hike difficult for the Fed to rule out.

The technical analysis shows that BTC is holding well above its moving averages and has momentum on its side, with an upside trigger at $82,183.