Bitcoin (BTC) Price: Hot Inflation Data Sends BTC Sliding as Buyers Defend $80K

TLDR Bitcoin briefly fell below $80,000 on Thursday after September US producer prices rose 1.3%, the largest monthly gain since March 2022. Annual PPI hit 6.3% against a 5.3% forecast, and core PPI reached 5%. CME FedWatch put the odds of an October Fed rate hike at about 34%. Analysts Ted Pillows, Rekt Capital and Aksel Kibar are watching levels from $75,000 to $83,700. Bitcoin has rebounded to about $82,000. Bitcoin (BTC) fell below $80,000 on Thursday after US producer inflation came in higher than expected. The price later recovered and now trades near $82,000. The Bureau of Labor Statistics said the September Producer Price Index rose 1.3% from August. That was the largest monthly gain since March 2022. Annual producer inflation reached 6.3%, against a forecast of 5.3%.

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