Bitcoin Falls Below $80,000 Amid Inflation Jitters

The move and the numbers

Bitcoin's downswing is still happening inside its recent band, but the climb keeps stalling out. The biggest crypto fell as much as 2.1 percent to $76,663.54 in early New York trading, and the drop sped up after Bureau of Labor Statistics figures showed producer prices rose 0.4 percent in August from July and 5.4 percent from a year earlier.

What drove the dip

Two storylines are sapping risk appetite. Renewed Middle East tensions pushed oil above $105 this week, and the newest US inflation print left intact expectations of a possible Federal Reserve rate hike. Stocks and bonds fell in that backdrop, making it harder for Bitcoin to turn rebounds into something lasting.

Where Bitcoin sits now

Despite four red days in a row, price action remains inside the roughly $60,000 to $80,000 range that has held since early February. Attempts to stick above $80,000 keep failing, highlighting how uneven US demand has been. For context, Bitcoin's record was around $126,000 last October.

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