Bitcoin price jumps to $81.5K as US GDP data beats expectations

Bitcoin (BTC) rebounded above $81,000 after Thursday’s Wall Street open as US GDP numbers stayed strong and inflation data conformed to estimates.

Key points:

• Bitcoin jumped to $81,547 on the back of strong US macro data, dismissing Alphabet’s Q3 earnings miss.
• US PCE data conformed to expectations at 3.6% year-on-year, while Q3 GDP came in higher at 3.4% versus 3.2% expected.
• BTC/USD needs to reclaim $81,400 by the weekly close, per analysis by Rekt Capital.

Bitcoin brushes off Alphabet earnings miss

Data from TradingView showed BTC/USD reaching $81,547 on Bitstamp after dropping as low as $79,607 following Wednesday’s daily close.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The September print of the Personal Consumption Expenditures (PCE) index, acknowledged as Fed policymakers’ favorite indicator, showed an increase of 0.5% versus August and 3.6% year-on-year.

“Excluding food and energy, the PCE price index increased 3.1 percent from one year ago,” an official release from the Bureau of Economic Analysis (BEA) stated.

US PCE index one-month % change. Source: BEA

The final estimate for Q3 GDP was 3.4%, above expectations of 3.2%. Speaking to CNBC, Chris Rupkey, chief economist at Fwdbonds, described economic growth “powering ahead despite the uncertainty of geopolitical risks and the damage posed to many sectors of the economy by higher energy costs.”