Bitcoin

<p><strong>Bitcoin’s price showed a modest recovery despite recent U.S. Personal Consumption Expenditure (PCE) data indicating that inflation remained above the Federal Reserve’s target range of 2%.</strong></p><h2 id="header-0">Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On <a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">www.ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/Chika-Moji-Airdrop.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><p>Investors awaited this data following better-than-expected U.S. GDP results for the first quarter. The PCE and Core PCE inflation figures are crucial indicators of current inflation levels and play a significant role in the Federal Reserve’s decisions regarding interest rates.</p><h3 id="u-s-pce-inflation-holds-steady-amidst-economic-data-review">U.S. PCE Inflation Holds Steady Amidst Economic Data Review</h3><p><a href="https://www.bea.gov/news/2024/personal-income-and-outlays-april-2024" rel="noopener noreferrer nofollow">Recent data from the Commerce Department</a> reveals that U.S. Personal Consumption Expenditure (PCE) inflation increased by 0.3% in April, aligning with market forecasts. March also saw a similar 0.3% uptick. Year-over-year, PCE inflation rose by 2.7%, meeting expectations set by <a href="https://cryptosheadlines.com/bitcoin-surges-to-30000-as-wall-street-embraces-crypto/" rel="noopener noreferrer nofollow">Wall Street</a> analysts.</p><p>Similarly, Core PCE inflation, which excludes <a href="https://cryptosheadlines.com/shiba-inu-shib-experiences-150-surge-in-burn-rate-amid-price-volatility/" rel="noopener noreferrer nofollow">volatile food and energy prices</a>, grew by 0.2% in the last month, following a 0.3% increase in March. Annually, Core PCE inflation surged by 2.8%, mirroring the previous month’s rise.</p><p></p><p>Despite a slight cooldown in Core PCE inflation, the overall <a href="https://cryptosheadlines.com/us-inflation-rate-drops-to-4-9-in-april-bitcoin-surpasses-28k/" rel="noopener noreferrer nofollow">inflation rate</a> remains elevated, tempering investor confidence. The persistent inflation above the Federal Reserve’s target range of 2% has contributed to cautious market sentiment.</p><h2 id="header-1">Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On <a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">www.ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/Chika-Moji-Airdrop-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><p>Investors are now keenly awaiting clarity on potential Federal Reserve actions regarding <a href="https://cryptosheadlines.com/european-central-bank-ecb-maintains-interest-rates-bitcoin-price-finds-relief/" rel="noopener noreferrer nofollow">interest rates</a>, given concerns that higher rates could further dampen market risk appetite.</p><h3 id="bitcoin-price-reacts-modestly-to-inflation-data">Bitcoin Price Reacts Modestly to Inflation Data</h3><p>Despite the latest inflation figures, Bitcoin experienced a slight recovery. Following the release of the Personal Consumption Expenditures (PCE) inflation data, Bitcoin’s price increased by 0.95% to reach $68,773.23. However, trading volume remained subdued at $27 billion over the past 24 hours.</p><p>In contrast, the U.S. 10-year Bond Yield decreased by 0.73% to 4.515%, while the U.S. Dollar Index Futures dropped 0.27% to $104.380. The PCE data release has heightened concerns about a potentially dovish stance from the U.S. Federal Reserve.</p><p>According to the CME FedWatch Tool, there is a 99% probability that the Federal Reserve will maintain its current policy <a href="https://cryptosheadlines.com/fomc-meeting-minutes-unveil-insights-on-feds-june-rate-pause-decision/" rel="noopener noreferrer nofollow">rates at the upcoming June meeting</a>.</p><p><a href="https://cryptosheadlines.com/solana-sol-nears-important-moving-average-amid-decreased-buying-interest/" rel="noopener noreferrer nofollow">Also Read:   Solana (SOL) Nears Important Moving Average Amid Decreased Buying Interest</a></p><p>Daniel Yan, co-founder of Matrixport, emphasized the significance of the April PCE data in a recent social media post. He suggested that a 0.2% month-on-month increase in both Core PCE and PCE would be bullish for the market, whereas a 0.3% increase would be bearish. A mixed scenario, with one measure at 0.2% and the other at 0.3%, would indicate a neutral outlook.</p><p><strong>Important:</strong> Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.</p>

Bitcoin Price Slightly Recovers Following US PCE Inflation Data

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