Bitcoin Plunges Below $78K on Soaring US Inflation
Bitcoin's price slipped below $78,000 shortly after the Wall Street open as US inflation data landed higher than expected, pushing risk assets lower and weighing on crypto sentiment.
The July Personal Consumption Expenditures (PCE) print came in at 3.7% year-over-year, exceeding the forecasted 3.6%, and sparked a risk-off trade that affected not only Bitcoin but also US equities and gold.
Nvidia's upcoming Q2 earnings release is expected to be another catalyst for market volatility, with analysts watching for quarterly revenue of $92.3 billion and potential growth in CPU revenue at the company.
Technical analysts are warning that recent strength may still fall short of a durable trend change, with Rekt Capital noting that Bitcoin's last monthly close above the 50-week exponential moving average (EMA) occurred in October 2025.