Bitcoin’s $85,000 test comes as Wall Street gets two different inflation stories
Summary
Bitcoin fell to $82,563, below Glassnode’s $84,000–$85,000 long-term holder cost cluster, as traders awaited US inflation, manufacturing and jobs data that could shift Federal Reserve rate expectations. A soft August PCE reading might initially support prices, but rising September factory input costs—potentially reflecting higher fuel and shipping expenses—could push yields and rate expectations higher and reverse a rally. Glassnode’s other reference levels are about $77,000 and $96,700. The article says Bitcoin’s response will depend on changing rate expectations and whether spot demand, rather than futures covering alone, supports a move back above the holder-cost area.
