Bitcoin Reclaims $79,000 as Traders Brace for U.S. Inflation Data Ahead of Fed Meeting

Forecast Trend Report by Period

Bitcoin recovered after falling below $78,000 intraday, with markets turning their attention to inflation data due before next week's Federal Open Market Committee meeting.

As of 1:56 p.m. in Korea on September 9, Bitcoin was trading at $79,181.02 on Binance's USDT market. It had dropped to as low as $77,670 a day earlier before rebounding as buying emerged. While the token was little changed over the past 24 hours, it has risen nearly 2% over the past week.

Macroeconomic uncertainty is capping Bitcoin's upside. Escalating tensions in the Middle East pushed Brent crude close to $100 a barrel, while gold traded around $4,407 an ounce.

U.S. Treasury yields also remained elevated. The 10-year yield hovered near 4.8%, while the two-year stood above 4.3%. CME FedWatch showed markets pricing in about a 60% chance that the Federal Reserve will raise interest rates next week.