Bitcoin fell below the $78,000 mark on Wednesday following the release of July US PCE data, which hit 3.7% year-over-year, slightly above the anticipated 3.6%. This higher-than-expected inflation also pressured US stocks and gold, which broke below the $4,600 per ounce level. Markets are now awaiting Nvidia’s quarterly earnings report, which could trigger short-term volatility. An analyst warns that Bitcoin’s recent rally could still be classified as a bear market relief rally, with the 50-week exponential moving average at $77,251 being a key level to reclaim and hold.
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