Bitcoin Price Stuck as PCE Inflation Data Looms

The Bitcoin price has been stuck in a narrow range between $83K and $87K for some time now. One key factor that could potentially break this range is Wednesday's release of the PCE inflation data, which measures the prices of U.S. household goods and services. A hotter-than-expected Core PCE figure could lead to higher bond yields and a stronger dollar, while a cooler print would likely spark a rally in stocks.

The 10-year bond yield has been on the rise, hitting 5.293, its highest level in 19 years. However, it appears that the yield may be on its way back down again, potentially reaching 5%. If this happens, it could have a positive impact on the price of Bitcoin, as well as stocks and gold.

The daily chart for Bitcoin shows a possible descending triangle formation, which would put the price in a bearish setup. However, if the price breaks out to the upside, it could be even more bullish.