Bitcoin Falls Below $78K as US Inflation Data Surpasses Expectations
Bitcoin (BTC) suffered a decline below $78,000 after US inflation data surpassed expectations. The July print of the Personal Consumption Expenditures (PCE) index hit 3.7% year-on-year, exceeding the anticipated 3.6%. This higher-than-expected reading put pressure on Bitcoin.
The PCE numbers come ahead of the Federal Reserve's annual Jackson Hole economic symposium, where chair Kevin Warsh is set to deliver a keynote speech on Friday. Markets are also waiting for Nvidia's Q2 earnings report, which could bring short-term volatility.
Analyst Rekt Capital warned that Bitcoin was in danger of continuing its series of lower highs since October 2025. He emphasized the importance of reclaiming and holding above the 50-week exponential moving average (EMA) at $77,251 to break the trend of lower highs.