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The U.S. Bureau of Economic Analysis&nbsp;to announce the personal consumption expenditures (PCE) inflation data for November today. The annual PCE inflation is expected to further cool to 2.8% from 3 last month, with no rise in the monthly rate. Also, the Core PCE, the Fed’s preferred gauge to measure inflation, is expected to rise 0.2% month-on-month while the annual rate is predicted to decline to 3.3%, marking its lowest level since 2021. 
Wall Street estimates are mostly in line with market consensus in response to recent Fed Chair Jerome Powell’s projecting <a href="https://coingape.com/fed-plans-for-three-rate-cuts-in-2024-altcoin-market-rally-continues/#:~:text=A%20consensus%20among%20most%20officials,contingent%20on%20favorable%20inflation%20performance." target="_blank" rel="noopener">three rate cuts in 2024</a>. The market currently has a 45% chance that the Fed will start rate cuts in March. Moreover, the CME FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener">shows</a> a 71% probability of a 25 bps rate cut in March. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GB7OI0VWoAAUQan?format=jpg&amp;name=large" alt="Image" width="741" height="378"> 
The monetary policy outlook remains dovish as the US Dollar Index (<a href="https://www.marketwatch.com/investing/index/dxy" target="_blank" rel="noopener">DXY</a>) steadied around 101.8 on Friday but is still set to decline for the second straight week in anticipation of the Fed rate cuts. 
Furthermore, the US 10-year Treasury yield continues to fall after dropping below 4% last week. It is now at 3.89%, slightly up as traders brace for inflation data. 
The Fed rate cuts and other macro factors confirm a further recovery in Bitcoin price and the crypto market. Traders and investors also consider <a href="https://coingape.com/tag/spot-bitcoin-etf" target="_blank" rel="noopener">spot Bitcoin ETF approval</a> and <a href="https://coingape.com/glossary/bitcoin-halving/" target="_blank" rel="noopener">Bitcoin halving</a> factors in anticipation of a major bullish rally. 
Also Read: <a href="https://coingape.com/spot-bitcoin-etf-approvals-to-begin-by-end-of-2023/" target="_blank" rel="noopener">Bloomberg Analyst Says Spot Bitcoin ETF Approvals To Begin By End Of 2023?</a> 
<h2 id="bitcoin-and-crypto-market-rally">Bitcoin and Crypto Market Rally</h2> 
Bitcoin, Ethereum, and top altcoins such as Solana (SOL), BNB, XRP, Cardano (ADA), Avalanche (AVAX) and others are up today in anticipation of a Santa Claus rally. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Since everyone is bullish, I tried to find some bearish factors but couldn't find any. 
 — Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1738064608261460277?ref_src=twsrc%5Etfw">December 22, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
At press time, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">BTC price</a> is trading between the 24-hour range of $43,400 and $44,200 on CoinGecko. The coin has experienced a slight decline of 0.20% in the last 24 hours, with a trading volume of $17.47 billion. Over the past week, BTC has seen a price increase of 4%. 
However, the market can see some profit booking because of Friday’s expiry. 25,000 BTC options of a notional value of $1.11 billion are set to expire with a put call ratio of 0.70, a max pain point of $42,000. 217,000 ETH options of a notional value of $490 million are about to expire with a put call ratio of 0.60, and a max pain point of $2,200. 
Also Read: <a href="https://coingape.com/bitmex-arthur-hayes-dumps-solana-predicts-ethereum-to-hit-5000/" target="_blank" rel="noopener">BitMEX’s Arthur Hayes Dumps Solana &amp; Predicts Ethereum To Hit $5000</a> 
The post <a href="https://coingape.com/us-pce-inflation-heres-why-bitcoin-crypto-market-rising-today-ahead-key-data/">US PCE Inflation: Here’s Why Bitcoin &amp; Crypto Market Rising Today Ahead Key Data</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

US PCE Inflation: Here’s Why Bitcoin & Crypto Market Rising Today Ahead Key Data

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