Bitcoin Price Briefly Nears $82K, but Bears Warn of a Drop Toward $76K

Bitcoin surged past $81,800 following stronger-than-expected third-quarter U.S. GDP data, briefly reversing losses triggered by the Federal Reserve’s decision to hold interest rates steady ahead of the U.S. midterm elections. Bitcoin rallied Thursday after new data from the U.S. Bureau of Economic Analysis showed U.S. gross domestic product (GDP) grew at an annual rate of 3.4% in the third quarter. The leading cryptocurrency may have also benefited from investors fleeing AI stocks after Google reported a massive earnings miss Thursday morning, rapidly wiping out over $500 billion from the market cap of parent company Alphabet. The rally reversed losses the cryptocurrency incurred after the Federal Open Market Committee (FOMC) voted to keep interest rates unchanged ahead of the U.S. midterm elections.

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