Bitcoin Recovers After Briefly Falling Below $77,000 Thursday

Bitcoin (BTC) recovered after slipping below $77,000 Thursday. Investor positioning was defensive, and appetite for risk remained limited. The premium on leveraged long positions had narrowed. Bitcoin’s performance was relatively resilient: It avoided both a breakout and a sharp selloff despite inflation, stock-market volatility and geopolitical risks. That relative stability was a positive signal, but did not indicate an upside breakout. The Federal Reserve left its target range unchanged at 3.75% to 4.00%. U.S. consumer prices in September were 3.7% higher than a year earlier.