Bitcoin hovers near $78.7K as markets brace for US inflation print and Fed meeting

Bitcoin edged slightly higher on Wednesday, September 9, yet remained pinned below the $80,000 threshold as market participants maintained a cautious posture ahead of upcoming U.S. inflation data and next week’s Federal Reserve policy meeting. According to Reuters, the benchmark cryptocurrency changed hands at $78,680.60 during the Asian trading session.

The digital asset receded from the $80,000 handle amid rising U.S. Treasury yields and firming expectations that robust labor market data could prompt the Fed to pursue further interest rate increases. Adding to monetary headwinds, crude oil prices rallying toward the $100 per barrel mark have heightened broader inflation anxieties. 

Investor focus is centered on Friday’s release of the U.S. Consumer Price Index (CPI), which will serve as a primary catalyst shaping the Fed’s forthcoming rate decision slated for September 16.

N.Tebrizli