Bitcoin Hits $81,547 as U.S. GDP Tops Forecasts — SkimNews
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- Bitcoin climbed to $81,547 on Bitstamp after falling as low as $79,607 following Wednesday’s daily close, rebounding above $81,000 after Thursday’s Wall Street open.
- Chris Rupkey described growth as “powering ahead” after final Q3 GDP growth came in at 3.4%, above the 3.2% expectation; he said real GDP had returned above a 3% run rate for the first time in a year.
- PCE index rose 0.5% from August and 3.6% year over year in September, while its core measure excluding food and energy increased 3.1% annually; the overall reading matched estimates.
- Alphabet fell 12% after missing Q3 earnings and revenue figures, leading U.S. stocks lower, yet Bitcoin dismissed the tech-led weakness.
- Kevin Warsh said economic activity was “expanding at a strong pace” while inflation remained “elevated,” after the Federal Open Market Committee held rates at 3.75%-4% as anticipated.
- Rekt Capital identified $81,400 as the nearest hurdle for Bitcoin buyers, saying the weekly candle needed to reclaim it after BTC continued zig-zagging between roughly $80,400 and $81,400.
- Bitcoin was on course to close October down 3.3%, even though the month has produced average returns of 26% since 2010.
Why it matters: For Rekt Capital and Bitcoin traders, the 3.4% GDP result versus 3.2% expected supplied a concrete upside surprise while the 3.6% PCE reading did not add an inflation surprise. BTC advanced even as Alphabet fell 12%, leaving the $81,400 weekly close at the center of the immediate market test.
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