Bitcoin Ranges Near $83K as Traders Look to US Inflation Data

In brief

• Bitcoin is trading near $83,330, up 0.6% on the day but down around 3% on the week.
• Analysts say rising Treasury yields and a stronger dollar are weighing on Bitcoin, even as bets on an October Fed rate hike fade.
• U.S. spot Bitcoin ETFs took in $21.13 million on Friday after two days of heavy outflows.

Bitcoin inched higher on Monday, trading at $83,327, up 0.6% over the past 24 hours, according to CoinGecko data. The asset is still down 2.9% over the past week.

The cryptocurrency has "struggled against an increasingly challenging macroeconomic backdrop," Daniela Hathorn, senior market analyst at Capital.com, told Decrypt.

$86.6k$84.6k$82.7k$80.7k

24h HighHigh$84,231

24h LowLow$82,957

VolVol$918.0M

Market projectionsOdds by Myriad

"Rising energy prices have reignited inflation concerns, pushing US Treasury yields higher and strengthening the dollar as investors reassess the Federal Reserve's interest-rate trajectory," she said. "Despite its reputation as a potential alternative store of value, recent price action suggests investors continue to treat Bitcoin predominantly as a risk asset rather than a reliable geopolitical hedge."

Traders see a 19.4% chance of a 25-basis-point hike at the Fed's October 28 meeting, down from 22.1% a week ago and 42.5% a month ago, according to CME FedWatch. Prediction markets Polymarket and Myriad both put the odds of a hike at 17% (Disclaimer: Myriad is a prediction market developed by Decrypt's parent company Dastan).