Bitcoin experienced notable price volatility on September 30, reacting to the release of US Personal Consumption Expenditures (PCE) data. The cryptocurrency initially surged to $85,600 following the data publication, but faced rejection and subsequently retreated to $83,600 as of press time, according to reports.
This price action occurred within Bitcoin’s established trading range of $83,000 to $85,000. The lower boundary of this range had been tested more frequently, with occasional dips below it, though Bitcoin managed to hold the level.
While Bitcoin navigated its trading range, several altcoins demonstrated significant upward momentum. BTW recorded a substantial 35% increase, reaching $1.41. NIGHT saw a 26% surge, trading above $0.04, and STX rose by 22%, nearing $0.4.
In the broader market, Ethereum continued to face resistance around the $2,700 mark. BNB traded above $765, and XRP saw a slight dip below $1.50. Other assets, including SOL, TRX, LINK, RAIN, XLM, and BCH, posted minor losses over the past day. HYPE approached $90 after a 3% increase, and QNT saw a similar daily jump, trading above $290.
The total cryptocurrency market capitalization experienced a modest increase of just over 1% from the previous day, reaching $2.890 trillion. Bitcoin’s market capitalization stood at $1.680 trillion, with its dominance on CoinMarketCap remaining stable at 58.6%.
Previously, Bitcoin had reached a high of over $87,000 in late January. After a vigorous rejection at this level, it had fallen to under $83,000 in September. The recent PCE data, which exceeded expectations, initially propelled Bitcoin upwards, but the momentum proved unsustainable, leading to its retreat to the $83,600 level.
Why This Matters
The materials describe a narrow update: Bitcoin’s price fluctuated significantly after the US PCE data release, initially surging to $85,600 before falling to $83,600. The exact timing of the ‘wild price moves’ for Bitcoin after PCE data.
Broader Context
Source materials place the factual news in this context: The article is a market watch report from CryptoPotato.
