Bitcoin Drops Below $78K as PCE Inflation Tops Estimates
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin fell below $78,000 after July US PCE inflation hit 3.7% year-on-year, 0.1% above the 3.6% expected, with BTC tracking up to 1% daily losses per TradingView data.
- The Bureau of Economic Analysis reported the PCE price index rose 0.2% month-on-month in July, with core PCE also up 0.2%, following June's unexpected month-on-month decrease — the first in six years.
- Gold broke below $4,600 per ounce and US stocks opened lower alongside Bitcoin's decline, reflecting broad risk-asset pressure from the hotter-than-expected inflation print.
- Markets are watching Nvidia's Q2 earnings release, with analysts anticipating $92.3 billion in quarterly revenue (Raymond James projects CPU revenue could grow from 3% to 5% of NVDA's total by 2028), as a near-term volatility catalyst.
- Analyst Rekt Capital warned that BTC/USD remains trapped in a series of lower highs since October 2025, cautioning that last week's rebound could still be a "relief rally" within a broader bear market unless the 50-week EMA at $77,251 is reclaimed — a level Bitcoin last closed above in October 2025.
- Fed Chair Kevin Warsh is scheduled to deliver the keynote speech at Friday's Jackson Hole economic symposium, one day after the PCE release.
Why it matters: July PCE at 3.7% — nearly double the Fed's 2% target — keeps the inflation fight on the table and pressure on Bitcoin intact. Nvidia's Q2 earnings and Warsh's Friday Jackson Hole speech now loom as back-to-back catalysts, with the $77,251 50-week EMA separating confirmed lower-high continuation from a genuine reversal.
Ask SkimNews
