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Bitcoin (BTC) held above $83,000 on Thursday after giving back gains following lower-than-expected US inflation data.
Key points:
- Bitcoin remained rangebound after its latest rally stalled at $85,600.
- US PCE inflation data came in lower than expected at 3.4% year-on-year, but methodology changes complicated the reading.
- BTC-denominated open interest fell almost 20% while its price rose 35% from its August low.
Bitcoin gives back gains after PCE release
Data from Coinbase showed BTC/USD flat on the day after a brief bout of volatility ahead of September’s monthly and third-quarter close.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Bitcoin began Q4, historically its strongest quarter, at around $83,550, after posting third-quarter gains of 42.7%, according to data from CoinGlass — its best Q3 performance since 2017.
BTC/USD quarterly returns (screenshot). Source: CoinGlass
CoinGlass’s liquidation heatmap showed potential…
