Bitcoin Struggles Near $85,000 Despite Cooling PCE Inflation Data

Bitcoin (BTC) briefly surged to $85,600 following lower-than-expected U.S. PCE data, which reduced expectations for a Federal Reserve rate hike in October. However, the price retreated to around $83,400 as of October 1. The rally faced resistance due to persistent high long-term Treasury yields, which remain above 5%, and significant selling pressure from long-term holders whose cost basis is concentrated between $84,000 and $85,000.