Bitcoin reclaims $80,000 after US inflation data, Fed holds rates steady

Bitcoin rose above $80,000 following the release of the latest US inflation data, which came in line with market expectations for September. The price action unfolded as investors reacted to both macroeconomic data and ongoing uncertainty regarding US Federal Reserve policy and tensions between the US and Iran. The Bureau of Economic Analysis reported that the Personal Consumption Expenditures (PCE) price index rose 0.5% in September and 3.6% compared to the same period last year. This measure, closely watched by the US central bank, rose from August’s annual reading of 3.4%. Headline PCE inflation also climbed, matching economists’ forecasts. The core PCE index, which excludes volatile food and energy prices, increased by 0.3% on the month and 3.1% year over year.

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