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#BTCProbes60KKeySupportLevel
US PCE Inflation Rises to 4,1%, Bitcoin Price Crashes Back to $59.000
Macroeconomic pressure is shaking the crypto market again after the US Personal Consumption Expenditures (PCE) inflation data for May was officially released on Thursday (25/6) evening. This inflation indicator, which is the most referenced by the central bank Federal Reserve (the Fed), jumped to 4,1% on an annual basis (year-on-year). This figure sets a new record high since April 2023 and confirms that the current US inflation rate is running twice as high as the Fed's absolute target of 2,0%.
At the same time, the Core PCE inflation, which excludes volatile food and energy sectors, also crept up to 3,4% annually, the highest level since October 2023. The realized data showing tight price pressures immediately sparked great concern among market participants regarding the potential for further interest rate hikes by the Fed to curb the surge in global living costs.
Negative reaction was immediately seen in the crypto market shortly after the data was released to the public. Tightening liquidity triggered massive selling, causing Bitcoin price to lose momentum and crash back into the $59.000 area.