Bitcoin falls to $82,775.94 as US data complicate path above $84,000

  • Bitcoin recorded a $82,775.94 intraday low after Tuesday's US economic releases.
  • 7.1 million August job openings compared with revised July openings of 7.3 million.
  • Bureau of Economic Analysis data were scheduled for Sept. 30, followed by employment figures Oct. 2.

Bitcoin registered an intraday low of $82,775.94 on Tuesday after U.S. data delivered mixed signals for investors assessing the outlook for interest rates and risk assets. The Bureau of Labor Statistics reported 7.1 million job openings in August, down from a revised 7.3 million in July, while hires, quits, and layoffs changed little. The Conference Board's September consumer confidence index fell to 81.9 from 88.6, and consumers reported higher expectations for interest rates and inflation. The survey was conducted from Sept. 1-23, including the Federal Reserve's Sept. 16 rate increase to a 3.75%-4.00% target range. Treasury yields remained elevated, with the 10-year rate at 5.24% and the two-year rate at 4.92% on Sept. 28. Spot Bitcoin ETF (funds tracking Bitcoin directly) inflows were positive at $31 million on Sept. 28 but smaller than in each of the previous five completed sessions. The next tests include August personal income and outlays, including PCE (personal consumption expenditures) inflation, on Sept. 30 and the September employment report on Oct. 2. A combination of cooler inflation, orderly hiring, lower yields, and stronger completed ETF inflows would provide a firmer basis for a sustained move above $84,000, while high yields or a sharp labor-market deterioration would pose separate risks. Real yields, or inflation-adjusted interest rates, remain important because Treasury securities offer income while Bitcoin does not.

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Bitcoin falls to $82,775.94 as US data complicate path above $84,000 - CoinPost Terminal