On Thursday, Bitcoin climbed back over $81,000 to reach $81,547 after positive US economic growth data drew more attention to the market. The digital asset bounced back from a low of $79,607 while traders evaluated inflation data and recent corporate earnings updates.
Economic expansion in the US for the third quarter reached 3.4 percent, beating the anticipated 3.2 percent prediction. At the same time, the Personal Consumption Expenditures price index increased by 3.6 percent year-on-year during September, matching forecasts, while core PCE inflation stayed at 3.1 percent. Even with this positive economic news, US equities started the session downward after Alphabet stock dropped nearly 12 percent due to weak third-quarter earnings and revenue results.
During its most recent gathering, the US Federal Reserve maintained interest rates at 3.75 percent to 4 percent, characterizing economic conditions as robust while pointing out that inflation stayed high. This move matched general predictions from the market.
Cryptocurrency analyst Rekt Capital pointed out $81,400 as a major resistance mark for Bitcoin, stating that the asset must secure this point before the weekly close to improve its short-term outlook. Bitcoin kept moving around major weekly thresholds, and its monthly figures suggested a possible 3.3 percent drop for October.
