Bitcoin claws back toward $85k after upbeat US spending data

Bitcoin opened October by pushing back above $85,000 after stronger-than-expected personal consumption expenditure figures hit the wires on Wednesday. The move came just hours after the coin closed September with its second straight monthly gain.

Daily liquidations in bitcoin dropped to roughly $35 million, easing pressure on leveraged positions. Year-to-date losses have now narrowed to 3 % following the rally that began in mid-August.

PlanB called the asset “extremely undervalued,” while Citigroup lifted its 12-month price target to $113,000 and forecast around $5 billion in fresh ETF inflows over the next year.

Price action stayed choppy, with bitcoin repeatedly crossing and losing the $84,000 line before settling near the higher level.

Based on information from cryptonews.net