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Bitcoin (BTC) dipped below $80,000 on Thursday as US Producer Price Index (PPI) data significantly beat expectations.
Key points:
- Bitcoin briefly traded below $80,000 on the back of a 100-basis-point overshoot in US PPI inflation data.
- September PPI measured 6.3% against market expectations of 5.3%, the biggest monthly jump since March 2022.
- BTC price analysis saw the potential for a “volatile retest” of trend lines around $78,000 next.
Biggest PPI increase since March 2022 adds to Bitcoin tailwinds
Data from TradingView showed BTC/USD slipping to its lowest levels since Sept. 18, declining as much as 1.8% on the day, before rebounding to around $81,000.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
September PPI came in at 6.3%, a full 100 basis points above its anticipated level, while core PPI rose to 5% versus an expected 4.4%, per data from the Bureau of Labor Statistics (BLS).
“The September increase is the largest…
