Python as a LANGUAGE is not interpreted or compiled. Interpreted or compiled is the property of the implementation. Python is a bytecode(set of interpreter READABLE instructions) interpreted generally.
Python compiles the source code to a set of instructions for a virtual machine. The Python interpreter is an implementation of that virtual machine. This intermediate format is called “bytecode”.
.py source code is FIRST compiled to give .pyc which is bytecode. This bytecode can be then interpreted by the official CPython or JIT(Just in TIME compiler) compiled by PyPy.