Bitcoin dips below $78K as stocks, gold fall on higher US PCE Inflation data
Bitcoin (BTC) slipped under $78,000 following Wednesdays Wall Street open after US inflation data came in above expectations. Key points:Bitcoin sees further downside after US PCE inflation data came in 0.1% higher than expected in July.Markets await Nvidia Q2 earnings release as Wednesdays next potential volatility catalyst.BTC price analysis warns over 25% weekly gains forming a bear market relief rally. Higher-than-expected PCE data pressures Bitcoin Data from TradingView tracked up to 1% daily BTC price losses, with US stocks also opening lower and gold breaking below $4,600 per ounce.BTC/USD one-hour chart. Source: Cointelegraph/TradingView The downside came after the July print of the US Personal Consumption Expenditures (PCE), known as the Federal Resrves “preferred” inflation gauge, hit 3.7% year-on-year, above the anticipated 3.6%. “From the preceding month, the PCE price index for July increased 0.2%. Excluding food and energy, the PCE price index also increased 0.2 %,” the Bureau of Economic Analysis (BEA) official release confirmed.US PCE index data (screenshot). Source: BEA Markets appeared disappointed by the results following Junes unexpected drop in PCE gains, which included their first month-on-month decrease in six years. “US inflation continues to run at nearly double the Feds 2.0% target,” trading resource The Kobeissi Letter responded in a post on X. The PCE