Home / Business and Economy / BTC Surges Past $81K on Strong US Data
BTC Surges Past $81K on Strong US Data
30 Oct
Summary
- Bitcoin reached $81,547 fueled by robust US economic indicators.
- US PCE inflation held steady at 3.6%, while GDP exceeded expectations.
- A weekly close above $81,400 is crucial for Bitcoin's continued ascent.
Bitcoin (BTC) experienced a significant rebound, trading above $81,000 shortly after the US stock markets opened on Thursday. This upward movement followed the release of strong macroeconomic data.
The US Personal Consumption Expenditures (PCE) price index, a key inflation indicator for the Federal Reserve, showed a 3.6% increase year-on-year, aligning with market expectations. Additionally, the final estimate for Q3 Gross Domestic Product (GDP) reported a robust 3.4% growth, surpassing the anticipated 3.2%.
Despite the positive economic indicators boosting Bitcoin, US stock markets opened lower. This was largely influenced by tech giant Alphabet, which experienced a 12% stock decline following its Q3 earnings and revenue miss.
Analysts highlight that Bitcoin needs to secure a position above $81,400 by the upcoming weekly close. This level is considered a critical resistance point for buyers aiming to maintain the positive price action observed on Thursday.
