Bitcoin Nears $80,000 as US August CPI Set to Decide Whether Crypto Rebound Holds

Forecast Trend Report by Period

Aug. 11 August CPI Due at 8 p.m.

Forecast to Rise 0.4% From a Month Earlier

Focus on Core Inflation and Rate-Hike Risk

With Bitcoin nearing the $80,000 mark, the US consumer price index for August is emerging as a key test of whether the rebound in digital assets can continue. A softer inflation reading could ease concerns about further rate hikes and lift investor sentiment. A hotter-than-expected number, however, may prompt the market to surrender some of its recent gains. The report is also due ahead of the Sept. 15-16 Federal Open Market Committee meeting and stands to influence views on monetary policy.

The US Bureau of Labor Statistics will release the August CPI at 9:30 p.m. Korea time on Sept. 11. Data compiled by Investing.com on Sept. 5 show the market expects headline CPI to rise 3.4% from a year earlier and 0.4% from a month earlier. The annual pace would match July, while the monthly increase would accelerate from 0.1%. Core CPI, which excludes food and energy, is forecast to rise 0.2% from a month earlier, unchanged from July.