Bitcoin Slips Below $78K Amid US Inflation Spike

The July US Personal Consumption Expenditures (PCE) inflation rate came in above expectations at 3.7%, pushing risk-off trade and weighing on crypto sentiment. Bitcoin slipped below $78,000 shortly after the Wall Street open as markets reacted to the stronger-than-forecast data.

Analysts are watching Nvidia's upcoming Q2 earnings release as a potential catalyst for risk asset volatility. The company is expected to report quarterly revenue of $92.3 billion and CPU revenue that could grow from 3% to 5% of total by 2028, broadening its addressable market.

Technical analysts are warning that recent strength in Bitcoin may still fall short of a durable trend change. The upcoming August monthly close is seen as a key point for determining whether BTC can extend a rebound or remain trapped within a broader downtrend structure.