Bitcoin remains on track to seal its highest monthly close since May 2022, but BTC’s price is stubbornly rangebound.
Bitcoin (BTC) brushed off fresh United States macro data into the Nov.
PCE keeps Fed pivot pressure alive
Data from Cointelegraph Markets Pro and TradingView showed BTC price movements sticking to a narrow intraday range below $38,000.
After a failed breakout the day prior, hopes were high that the Federal Reserve’s “preferred” inflation metric, the Personal Consumption Expenditures (PCE) Index, would help fuel volatility.
This, however, had not come to pass at the time of writing, with November’s final Wall Street open still to come.
PCE came in broadly in line with expectations — a boost for the Fed’s monetary tightening and reinforcement of declining inflation.
Querying whether interest rates might now begin to fall — the key takeaway for risk assets — financial commentary resource The Kobeissi Letter nonetheless stayed cautious.
“Another sign inflation is falling but still above the Fed’s 2% target.