PCE Data, Nvidia Earnings, and Fed Speech Set Stage for Bitcoin's Next Move

Bitcoin's recent breakout above $80,000 has stalled, and traders are now waiting for three key macroeconomic events that could determine its next move. The release of the U.S. Personal Consumption Expenditures (PCE) price index, Nvidia's quarterly earnings report, and a speech by Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium are all scheduled to take place this week.

The July PCE inflation report is the first event on the horizon. Analysts expect core PCE to rise 3.2% from a year earlier. If the actual reading comes in above that forecast, it could reignite concerns about further interest rate hikes, which would typically strengthen the U.S. dollar and put downward pressure on risk assets like Bitcoin.

Nvidia's second-quarter earnings report is another crucial variable. The company has become a bellwether for the tech sector and broader risk sentiment, with its stock price showing a high correlation to Bitcoin since 2025. If Nvidia delivers strong results and a positive outlook, it could boost confidence across financial markets and potentially lift Bitcoin as well.

The third event is Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole symposium on Friday. Market participants will be listening for any signals about the Fed's stance on the Treasury's expanded long-term bond buybacks, a program that has recently supported Bitcoin and other risk assets.