Bitcoin slips under $80K after US PPI gains most in four years

Bitcoin (BTC) dipped below $80,000 on Thursday as US Producer Price Index (PPI) data significantly beat expectations.Key points:Bitcoin briefly traded below $80,000 on the back of a 100-basis-point overshoot in US PPI inflation data.September PPI measured 6.3% against market expectations of 5.3%, the biggest monthly jump since March 2022.BTC price analysis saw the potential for a “volatile retest” of trend lines around $78,000 next.Biggest PPI increase since March 2022 adds to Bitcoin tailwindsData from TradingView showed BTC/USD slipping to its lowest levels since Sept. 18, declining as much as 1.8% on the day, before rebounding to around $81,000.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewSeptember PPI came in at 6.3%, a full 100 basis points above its anticipated level, while core PPI rose to 5% versus an expected 4.4%, per data from the Bureau of Labor Statistics (BLS).“The September increase is the largest advance since rising 1.7% in March 2022. On an unadjusted basis, the index for final demand climbed 6.3% for the 12 months ended in September, the largest 12-month increase since moving up 6.4% in December 2022,” an official news release confirmed.US PPI one-mon...