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#BTCProbes60KKeySupportLevel
US PCE Inflation Rises to 4,1%, Bitcoin Price Crashes Back to $59.000
Macroeconomic pressure is once again shaking the crypto market after the US Personal Consumption Expenditures (PCE) inflation data for May was officially released on Thursday (25/6) night. This inflation indicator, which is the primary benchmark for the Federal Reserve (The Fed) central bank, jumped to 4,1% year-on-year. This figure marks the highest record 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 rate, which excludes volatile food and energy sectors, also crept up to 3,4% year-on-year, the highest level since October 2023. The realization of data showing tight price pressures immediately triggered great concern among market participants regarding the potential for further interest rate hikes by The Fed to curb the surge in living costs for the global community.
Negative reactions were immediately seen in the crypto market shortly after the data was released to the public. Tightening liquidity triggered massive selling, causing Bitcoin to lose momentum and crash back to the $59.000 area.