US PCE Inflation Data to be Released Tomorrow, Bitcoin Price May Encounter Risk of Correction

Bitcoin traders are warning of a potential pullback as the crypto market focuses on Friday’s US PCE inflation data. The unexpected rise in consumer confidence and weak US Treasury bond sales are putting pressure on Bitcoin prices. According to bitBank, the price trends in the crypto market may not be clear until the US Personal Consumption Expenditures (PCE) announcement on Friday. They stated in an email, “If the inflation data exceeds expectations, Bitcoin may abandon about half of its gains in the past two weeks and fall to around $65,000.”