Bitcoin Slides to $82K Amid Mixed US Economic Signals

Bitcoin Under Pressure From Economic Data

Bitcoin registered an intraday low of $82,775.94 on Tuesday, reacting to a mixed bag of US economic data. While August job openings eased slightly to 7.1 million – a revision from July’s initial 7.3 million figure – the Conference Board’s September consumer confidence index declined to 81.9, down from 88.6 in August.

The key divergence lies in consumer expectations. The share of consumers anticipating higher interest rates over the next year increased to 68.4%, and both average and median expected inflation rose. This counters a straightforward interpretation of softening job data leading to lower Treasury yields.

ETF Inflows Slow, Yields Remain Elevated

Spot Bitcoin ETFs saw a net inflow of $31 million on September 28, according to Farside Investors, a smaller figure compared to the five preceding sessions. The 10-year Treasury yield currently stands at 5.24%, with the two-year at 4.92%. A sustained Bitcoin recovery above $84,000 will likely require both declining yields and a resurgence in ETF inflows.

Upcoming economic releases – August personal income and outlays (including PCE inflation data) on September 30, and the September employment report on October 2 – will be critical. Cooler inflation alongside moderate hiring would support a more bullish outlook for Bitcoin. Conversely, persistent inflation or high yields could maintain downward pressure.

Source: CryptoSlate