Bitcoin(BTC) slipped back to about $83,200 on Wednesday after a brief run at $84,000 faded, as traders waited for September U.S. inflation data due hours later. Key Points: Bitcoin dropped ab
Bitcoin(BTC) slipped back to about $83,200 on Wednesday after a brief run at $84,000 faded, as traders waited for September U.S. inflation data due hours later.
Key Points:
- Bitcoin dropped about 0.5% after a push to $84,000 faded within an hour.
- Ether slid just under $2,500 and Solana lost 1.4% as tech stocks stalled.
- Economists expect September inflation data to show annual CPI rising to 3.6%.
The spike to $84,000 early Wednesday faded within the hour, leaving the largest cryptocurrency by market value down about 0.5% and stuck between its 50-day moving average near $81,000 and a ceiling at $84,000. Buyers defended that average on Tuesday, when the price bottomed near $81,000, but they have not managed to push the price through $84,000 since. A daily close above it would mark the first breakout from the range.
Ether(ETH) slipped 1% to just under $2,500 and Solana(SOL) fell 1.4%, while Zcash(ZEC) and Tron(TRX) were the only major gainers, each up about 1%. Nasdaq 100 futures held flat as chipmakers headed for another day of selling.
Tuesday followed a similar pattern. Bitcoin slid to $80,953 early that day, extending a Monday sell-off, before reversing to about $83,592, setting a higher low than the $80,365 swing that started its latest bounce. Its RSI, a 0-to-100 momentum gauge, stood at 53.4, barely above the 50 line that separates bullish from bearish momentum.
Also Read:France Could Tax Stablecoin Swaps At 31.4%, Chainalysis Warns Of Offshore Exodus
Analysts say the wider market is holding Bitcoin back.
Alex Kuptsikevich, chief market analyst at FxPro, said institutions rank Bitcoin close to the tech-heavy Nasdaq 100 on risk, and the index's caution is "preventing Bitcoin from spreading its wings." CryptoQuant contributor Darkfostwarned on Tuesday of a double macro headwind, as bond yields near their highest in almost a quarter century lifted the U.S. dollar index to 102.57, its highest level since April 2025. Tighter liquidity leaves institutions reluctant to take on risk, Darkfost wrote.
Economists expect the September consumer price index, due at 8:30 a.m. ET, to show annual inflation rising to 3.6% from 3.4%, after New York Fed President John Williams said one more rate hike this year may be appropriate.
Bitcoin has swung sharply this month. It gave back about half of its September gains in early October, then bounced off support just above $80,000 and has stalled below $84,000 for several sessions. Spot Bitcoin exchange-traded funds have posted net outflows of $386.3 million in October, and the token trades roughly a third below the record near $126,000 it set a year ago.
Read Next:MNX Opens Pre-IPO Bets On OpenAI And Anthropic Valuations, No Shares Required
