Forex
Bitcoin Price Tests $83,000 Ahead of Crucial Inflation Report
The Bitcoin price is currently trading at $83,000 ahead of the August core PCE release. The inflation report will be closely watched as it may impact Federal Reserve expectations and potentially push the price below its recent low of $82,700.
A hotter-than-expected reading could reinforce restrictive policy expectations, while a softer print could ease pressure on risk assets. This dynamic is reflected in the relationship between Treasury yields and Bitcoin price levels.
The 10-year US Treasury yield has touched around 5.27%, its highest level since June 2007. Higher yields can draw capital away from non-yielding assets such as Bitcoin, adding to the pressure on the cryptocurrency.