Bitcoin surged past $81,000 following Thursday’s opening on Wall Street, buoyed by robust US macroeconomic data, as the latest GDP and inflation readings aligned with or outperformed expectat
Bitcoin surged past $81,000 following Thursday’s opening on Wall Street, buoyed by robust US macroeconomic data, as the latest GDP and inflation readings aligned with or outperformed expectations.
After a brief dip to $79,607 following the previous day’s close, Bitcoin recovered sharply to $81,547 on Bitstamp. The rebound coincided with key US economic releases, including the Personal Consumption Expenditures (PCE) index and quarterly GDP figures.
The Bureau of Economic Analysis reported that the PCE index, the Federal Reserve’s preferred inflation measure, increased 0.5% from August and registered a 3.6% rise year-on-year. Excluding food and energy, the PCE price index climbed 3.1% over the past year.
According to the BEA, “Excluding food and energy, the PCE price index increased 3.1 percent from one year ago.”
Quarterly GDP data showed the US economy expanded at an annualized rate of 3.4% in the third quarter, beating analyst expectations of 3.2%. Chris Rupkey, chief economist at Fwdbonds, commented that economic growth continues to advance despite global uncertainty and higher energy costs. He pointed out that real GDP has rebounded above a 3% run rate, reaching its strongest pace since the previous year.
Despite the positive economic backdrop, US equities opened lower, led by a sharp 12% drop in Alphabet shares on weaker-than-expected third-quarter earnings.
The Federal Reserve’s Federal Open Market Committee concluded its meeting on Wednesday by holding interest rates steady in the 3.75–4% range, matching market projections. Chair Kevin Warsh stated that economic activity remains robust while cautioning that inflation is still elevated.
Warsh emphasized that domestic spending has remained resilient, productivity growth is solid, and capital investment continues to be strong. He also observed that job gains have kept up with workforce growth, while the unemployment rate has remained relatively stable.
Warsh noted, “Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little.”
Amid the rapid price swings, Bitcoin continued to face resistance on lower time frames. Prominent crypto analyst Rekt Capital identified $81,400 as a crucial level for BTC/USD to reclaim before the weekly close, viewing it as an immediate target for buyers in the market.
He pointed out that Bitcoin’s price was fluctuating around key weekly levels near $80,400 and $81,400, and suggested that this volatility would likely extend into the new weekly close. Rekt Capital also anticipated that the monthly close would reflect a 3.3% drop for BTC in October.
As Bitcoin hovers around major technical levels, traders and investors are closely tracking live price changes and news developments. For those watching these closely timed market moves, CryptoAppsy’s real-time charts and customizable price alerts offer timely updates, enabling users to stay ahead of crucial trend shifts like the $81,400 threshold mentioned by analysts.
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