Bitcoin rises 1% above $84,000 $despite ETF outflows as softer US inflation boosts risk appetite

The next major catalyst is US jobs data. A softer print could cool yields and support a renewed move higher, while stronger labour data could reinforce the higher-for-longer rate narrative and keep BTC range-bound or under pressure.

• Bitcoin recovered to $84,098 after an early dip.
• US PCE inflation supported broader risk sentiment.
• Market sentiment remains greedy at 67.

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Bitcoin fell to a low of $83,362 during the early trade on October 1, but quickly recovered those losses to trade just above $84,098, up 0.99 percent over the past 24 hours, and 0.39 percent in a week as softer-than-expected US PCE inflation supported broader risk sentiment.

Inflation pressures remained firm, though Brent moderated from its recent high near $98 per barrel, lowering the dollar Index marginally this morning. US Treasury yields also remained higher, and markets now price in a near 63 percent chance of an October Fed rate hike by 400-425 bps.

"Lower rate expectations could benefit crypto and equities, although elevated Treasury yields continue to weigh on risk appetite. BTC remains in consolidation despite posting its strongest weekly close since January," CoinSwitch Markets Desk.