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Bitcoin broke above $85,000 after US August PCE inflation data came in below expectations, and the probability of a Federal Reserve rate hike dropped below 50%.
Bitcoin's price broke above $85,000 after the U.S. August Personal Consumption Expenditures (PCE) Price Index rose 3.4% year-over-year, below market expectations of 3.7%. This lower-than-expected inflation data led to a significant drop in market expectations for further Federal Reserve interest rate hikes, with CME FedWatch data showing the probability of a 25 basis point hike at the Fed's October meeting has fallen below 50%.
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