Here's how analysts see U.S. inflation influencing bitcoin

Analysts predict that U.S. inflation data will influence the price of bitcoin, with some expecting a rise in the cryptocurrency's value if inflation is higher than expected.

Bitcoin briefly reached $84,000 but quickly fell back to around $83,000 as tech stocks stalled and a selloff in chip stocks continued.

Traders are awaiting the release of the September Consumer Price Index (CPI) print, which is expected to provide more clarity on the direction of bitcoin's price.