ISLAMABAD: Bitcoin prices fell to around $81,000 on Thursday as stronger-than-expected US inflation data heightened concerns that the Federal Reserve could raise interest rates again, putting pressure on cryptocurrency markets.
Bitcoin declined 0.99% to $81,015 amid increased selling pressure, weakening institutional demand and significant liquidations in leveraged positions.
The latest downturn followed US inflation figures showing that the Consumer Price Index (CPI) rose 0.6% in September, compared with 0.4% in August. Annual inflation also accelerated to 3.7% from 3.4%, raising concerns about persistent price pressures.
Higher inflation could prompt the Federal Reserve to maintain restrictive monetary policies or consider further rate increases. Such a move could reduce investor appetite for riskier assets, including cryptocurrencies.
Meanwhile, traders faced additional pressure after approximately $63.17 million in Bitcoin long positions were liquidated over 24 hours. The cryptocurrency also slipped below the $82,000–$83,000 support range, while Bitcoin exchange-traded funds recorded negative flows in recent weeks.
Despite the decline, market analysts see potential for recovery if buying momentum returns. Technical projections suggest Bitcoin could first approach $88,000 before potentially advancing towards $93,000.
However, these targets remain uncertain as inflation concerns and changing monetary policy expectations continue to influence market sentiment.
Investors will closely monitor upcoming US economic data and Federal Reserve signals for indications of Bitcoin’s next price movement.
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