Critical Inflation Data for the US to Be Released Today: Could Be Critical for the Bitcoin Market!

  • The core PCE, a preferred indicator for measuring inflation by the Federal Reserve, is expected to drop from last month’s 3.9% level to 3.7%.
  • Wall Street estimates are mostly in line with market consensus, responding to the impact of the Israel-Hamas conflict on energy prices.
  • Bitcoin and Ethereum are retracting as traders take profits following last Friday’s futures expiration and in response to fundamental PCE inflation data.

PCE data in the USA will be announced today by the US Bureau of Economic Analysis: Expectations and possible effects on the Bitcoin market!

PCE Data in the USA Will Be Released Today

bitcoin-btc

The US Bureau of Economic Analysis will release the September Personal Consumption Expenditures (PCE) inflation data today. The annual PCE inflation, following a 3.5% increase last month, is expected to be 3.4%. The core PCE, a preferred indicator for measuring inflation by the Federal Reserve, is expected to drop from last month’s 3.9% level to 3.7%. However, on a monthly basis, the core PCE is expected to accelerate from 0.1% to 0.3%.

Lately, Federal Reserve Chair Jerome Powell has emphasized that the Fed is proceeding cautiously and that further tightening of monetary policy depends on incoming data. Powell highlighted a tight labor market but agreed that inflation is slowly approaching the 2% target. The Fed kept interest rates steady in the range of 5.25% to 5.50% last month.

Wall Street estimates are mostly in line with market consensus, responding to the impact of the Israel-Hamas conflict on energy prices. Markets will remain volatile while accessing mixed earnings results and strong US GDP growth.

US stock futures rose on Friday after two consecutive sessions of selling. A decrease in oil prices is expected due to reduced concerns related to the Middle East conflict. Additionally, the US Dollar Index (DXY) fell to 106.56.

Pre-PCE Retraction in Bitcoin and Other Cryptos

Bitcoin and Ethereum are retracting as traders take profits following last Friday’s futures expiration and in response to fundamental PCE inflation data. BTC price has dropped nearly 1% in the past 24 hours due to low trading volume. The 24-hour low and high are $33,762 and $34,774, respectively.

On the other hand, ETH price dropped below $1,800 and is currently trading at $1,793. The 24-hour low and high are $1,764 and $1,865, respectively. However, the cryptocurrency markets saw increased activity following expectations of a Bitcoin ETF. After Pepe Coin’s rally in the last two days, FLOKI price surged by over 22% in the past 24 hours.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Binance Achieves $8.73 Billion Net Inflow, Boosting Total Crypto Assets to $154.9 Billion

According to recent data from DeFiLlama, Binance experienced a...

ETH Investor Earns 1533 ETH Profit After Strategic WBTC Swap: Insights from On-Chain Data

On November 23rd, COINOTAG News reported a significant transaction...

Bitcoin ETF Sees Record $3.376 Billion Net Inflows Amid Surge in Trading Volume

According to recent data from COINOTAG News on November...

Binance Outshines Nasdaq and NYSE with $7.7 Billion USDT Inflow Amidst Historic Trading Volume Surge

According to a recent report by TokenInsight, during the...

Bitcoin Spot ETF Sees Massive $490 Million Inflow: BlackRock’s IBIT Leads the Way

Recent analysis by COINOTAG on November 23rd highlighted a...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img