Bitcoin surged from around $63,000 to roughly $82,000 in early September, but a sharp rise in bond yields, oil approaching $100 a barrel, uncertainty over future Fed policy and growing concerns about rate-hiking cycles at other central banks continue to weigh on its outlook.

Bitcoin price subdued ahead of Friday’s CPI release

As a result, BTC has pulled back once again to $78,000, shortly after reclaiming the $80,000 area. Sentiment across other cryptocurrencies remains weaker. On-chain activity has improved, but ETF inflows have slowed over the past few sessions. A key test for cryptocurrencies will be the US CPI data for August, due at 2:30 p.m. CEST on Friday. A higher-than-expected reading could send Bitcoin…