PCE Data Fuels Inflation Concerns, Tests Bitcoin's Momentum

The latest data on Personal Consumption Expenditures (PCE) has significant implications for Bitcoin's price and the broader financial markets. In July, PCE data showed a YoY increase of 3.7%, with core inflation at 3.3%. This puts upward pressure on long-term Treasury yields in the cross-asset picture.

The price action of BTC is currently within its Bollinger Bands, with upper resistance at $80,491.33 and lower support at $77,991.82. The EMA50 at $76,651.67 and EMA200 at $69,618.98 are key levels that could influence the direction of price action.

However, a technical analysis tool, the MACD, is signaling fading momentum with its death cross at 766.03. This suggests that even as RSI(14) remains neutral at 59.02, any push higher may be tempered by these bearish signals.