Bitcoin rebounded above $81,000 after Thursday's Wall Street open as US GDP beat expectations and PCE inflation matched them. Alphabet's earnings miss pulled US stocks lower, but BTC held its gains. Analyst Rekt Capital says bitcoin needs to reclaim $81,400 by the weekly close.
Bitcoin (BTC) rebounded above $81,000 after Thursday's Wall Street open, as US GDP numbers stayed strong and inflation data conformed to estimates. The price returned to a key weekly resistance level while US stocks digested Alphabet's Q3 earnings miss.
Bitcoin brushes off Alphabet earnings miss
TradingView data showed BTC/USD reaching $81,547 on Bitstamp after dropping as low as $79,607 following Wednesday's daily close.
US stocks nonetheless opened lower, led by Alphabet, which fell 12% on missed earnings and Q3 revenue figures.
GDP beats forecasts as PCE meets them
The September PCE index rose 0.5% versus August and 3.6% year-on-year, in line with expectations. Excluding food and energy, the PCE price index increased 3.1% from one year ago, according to the Bureau of Economic Analysis.
The final estimate for Q3 GDP was 3.4%, above expectations of 3.2%. Chris Rupkey, chief economist at Fwdbonds, described growth as "powering ahead despite the uncertainty of geopolitical risks", he told CNBC.
The Federal Reserve left interest rates unchanged at 3.75-4% at its Wednesday FOMC meeting, also in line with market expectations. Chair Kevin Warsh described inflation as elevated in the subsequent statement.
Rekt Capital eyes $81,400 for the weekly close
BTC still contended with overhead resistance on low time frames. Analyst Rekt Capital sees $81,400 as the nearest hurdle for buyers, and said the zig-zagging around the weekly levels of ~$80400 and $81400 will probably continue into the new weekly close.
The monthly close, meanwhile, was set to see BTC/USD drop 3.3% in October.
Source: Cointelegraph
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