Bitcoin Below $80k as Markets Eye Inflation Data and Fed Rate Hike Fears

Bitcoin hovered below $80,000 as markets awaited US inflation data and weighed the risk of a Fed rate hike. The cryptocurrency traded at around $79,500 on September 7, according to The Block's report.

Last week, US spot Bitcoin exchange-traded funds (ETFs) recorded net inflows of $987 million, marking a third consecutive week of inflows. This trend suggests institutional money continues to flow into the market.

QCP Capital set near-term resistance at $80,000 to $82,000 and support at $77,000 to $78,000. The firm noted that hotter-than-expected PPI and CPI data could add further downside pressure on Bitcoin.