Bitcoin rebounded above $81,000 following Thursday's Wall Street open, driven by strong US gross domestic product numbers and inflation data that met market estimates. The cryptocurrency reached a high of $81,547 on Bitstamp after previously dipping to a low of $79,607.
The macroeconomic release included the Personal Consumption Expenditures (PCE) index for September, which rose 0.5% compared to August and recorded a 3.6% increase year-on-year. The core PCE price index, which excludes food and energy, increased 3.1% from a year ago. Meanwhile, the final estimate for third-quarter GDP came in at 3.4%, surpassing the anticipated 3.2%.
Despite the positive economic reports, US stock markets opened lower, weighed down by a 12% drop in Alphabet shares following an earnings and revenue miss. The downturn followed the Federal Open Market Committee meeting, where the Federal Reserve maintained interest rates at 3.75% to 4%.
In the crypto market, analyst Rekt Capital noted that Bitcoin faces overhead resistance on lower time frames, pointing to $81,400 as a key level for buyers to reclaim ahead of the weekly candle close. Meanwhile, the monthly close for October indicated a potential 3.3% decline for the pair.
