Bitcoin retreats from $85,000 as bond yields rise

Bitcoin failed to maintain a rally above $85,000 on Sept. 30, falling back below $84,000 following the release of August PCE inflation data. The Bureau of Economic Analysis reported headline PCE inflation at 0.3% month-over-month and 3.4% year-over-year, while core PCE rose 0.2% and 3.0% respectively. The market reaction was tempered by a rebound in government bond yields and an annual update to national economic accounts, which complicates comparisons with previous data. Despite the volatility, Bitcoin remained up 0.56% over the 24-hour period as of 3:28 p.m. UTC.