Bitcoin Pushes Toward $80K After Monthly Core Inflation Runs Hotter Than Forecast

Bitcoin (BTC) rebounded toward $79,000 after mixed U.S. inflation data left Fed hike odds elevated, while a fresh golden cross added support to the broader crypto rally.

Key Points:

• August CPI rose 3.4% annually and 0.4% monthly, while core inflation slowed to 2.4% but exceeded forecasts on a monthly basis.
• Bitcoin recovered after an initial drop, while Ethereum, Solana and the broader crypto market moved higher before the Fed’s Sept. 15-16 meeting.
• A fresh Bitcoin golden cross strengthened the technical picture, though ETF outflows and major resistance levels remain obstacles.

Bitcoin Inflation Data

The U.S. Consumer Price Index increased 3.4% from a year earlier and 0.4% from July, matching consensus estimates in data released Friday by the Bureau of Labor Statistics. The annual headline rate was unchanged from July.

Core CPI, which excludes food and energy, slowed to 2.4% annually from 2.5%, its lowest level since 2021, but the monthly reading reached 0.3% against a 0.2% forecast. Bitcoin initially fell toward $76,040 after the release before reversing, climbing as high as $79,837 and trading near $79,007 later in the session. The move put $80,000 back in focus.

The rally spread across major tokens, with Ethereum (ETH) up 7.48% to $2,611, Solana (SOL) gaining 4.53% above $100, and Zcash (ZEC) rising 4.71% on the day and 23.09% over the week.