Bitcoin (BTC) sought a local bottom on March 28 while US inflation data came in higher than expected.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin wobbles as PCE comes in hot
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading to $85,500 at the Wall Street open before reversing.
Down over 3% on the day, the pair saw lows under $84,500 on Bitstamp, marking its lowest levels since March 23.
The February print of the US Personal Consumption Expenditures (PCE) Index subsequently showed inflation quickening — in contrast to the result from a month prior.
While the month-on-month and year-on-year PCE tally conformed to market forecasts at 0.3% and 2.5%, respectively, their core PCE equivalents were both 0.1% higher than anticipated.
“Core inflation is back on the rise,” trading resource The