Bitcoin Dips Below $78K Amid Higher-than-Expected US Inflation

Bitcoin's price dipped below $78,000 after the US July PCE inflation reading came in higher than expected at 3.7%. This increase caused a decline in traditional markets such as equities and gold.

CryptoQuant signaled that Bitcoin is entering an early bull market phase but needs to close above $83,000 to confirm this trend.

Despite the recent price surge, analysts warn of ongoing macroeconomic uncertainties and caution against getting too excited about the short-term gains, which recently totaled $1.2 billion for traders.