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Bitcoin Falls Below $79,000 Ahead of PCE, Nvidia, and Jackson Hole

Investors are watching U.S. PCE inflation, Nvidia earnings, and Jackson Hole. A hotter inflation reading or a more hawkish Fed tone could put more pressure on Bitcoin sentiment.

By Mike Hesp
• 2 min read
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Bitcoin Falls Below $79,000 Ahead of PCE, Nvidia, and Jackson Hole

Key Takeaways

  • Bitcoin is trading around $78,693.83 and has slipped back below $79,000 after a strong rally earlier this week.
  • Investors are watching U.S. PCE inflation, which economists say could come in at 3.2% year over year in July.
  • Nvidia earnings and Fed Chair Kevin Warsh's Jackson Hole speech follow later this week, and both are important for market sentiment.

Bitcoin is trading around $78,693.83 (€67,500) this week as investors wait for three macro events that could shape sentiment in the crypto market. The price has already slipped back below $79,000 (€67,700) after a strong run over the past few days, with technical signals pointing to overbought conditions.

PCE Sets the Tone

The first major release is U.S. July PCE inflation, the Fed's preferred inflation gauge. According to FactSet, economists expect core inflation to come in at 3.2% year over year and 0.18% month over month, slightly higher than in June. A hotter-than-expected reading could fuel worries about new rate hikes and also hit Bitcoin and the broader crypto market.

Bond markets are currently pricing in nearly a 38% chance of a 25 basis point rate hike in September, according to CME FedWatch. That shows the market is already bracing for a tough macro backdrop, especially now that Bitcoin has given back some ground after a seven-day sprint above $80,000 (€68,600).

Nvidia and Jackson Hole

Later this week, Nvidia will report quarterly earnings, a key gauge for the AI segment. The market will be watching closely, since strong results could ease worries about expensive AI investments and help support risk sentiment more broadly. Bitcoin and Nvidia have long tended to move in the same direction, which makes this report especially relevant for crypto traders.

After that, attention shifts to Jackson Hole, where Fed Chair Kevin Warsh will speak on Friday. The Kansas City Fed gathering is one of the best-known stages for signals about interest rate policy, so investors will be looking for any hint about the central bank's next move. The recent plans by the U.S. Treasury to increase purchases of longer-dated bonds also make this speech even more important.

Why This Matters for Crypto

For European crypto investors, this matters most because Bitcoin has risen sharply in a short time and could therefore be more sensitive to new macro signals. If inflation comes in hotter or the Fed sounds more hawkish, broader risk sentiment could shift quickly. At the same time, the mix of inflation, AI results, and Jackson Hole shows how closely Bitcoin is currently moving with the wider financial markets.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.