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Bitcoin Drops Below $80K: US Macro Worries Spook Traders
Bitcoin fell to about $80,400 last week, leading to the closure of long positions between $80,000 and $82,000. This occurred as US Treasury yields reached 24-year highs, oil prices surged above $100, and the September FOMC minutes indicated that most Federal Reserve officials expected another interest rate hike by year-end. The drop in Bitcoin's price was attributed to concerns over inflation, driven by energy prices and US fiscal policy. The US Consumer Price Index (CPI) release on October 14 is expected to further impact market sentiment.