Bitcoin (BTC) Price: $83,000 Is All That Stands Between Bitcoin and a Confirmed Bull Market

TLDR

• Bitcoin dropped under $78,000 after July PCE inflation came in at 3.7%, above the 3.6% forecast
• US stocks and gold also fell following the inflation print
• CryptoQuant says BTC has entered an early bull market but needs to close above $83,000 for confirmation
• Short-term holders booked $1.2 billion in realized profits between Aug. 20–22
• Analyst Rekt Capital warns the recent 25%+ rally could still be a bear market relief rally

Bitcoin slipped under $78,000 on Wednesday following a US inflation reading that came in slightly above expectations. The move lower hit crypto and traditional markets at the same time.

The July Personal Consumption Expenditures (PCE) index, the Federal Reserve’s preferred inflation gauge, came in at 3.7% year-on-year. Analysts had expected 3.6%. Month-on-month, the index rose 0.2%, with core PCE also up 0.2%.

Trading resource The Kobeissi Letter noted on X that “US inflation continues to run at nearly double the Fed’s 2.0% target.”

BREAKING: US July PCE inflation, the Fed's preferred inflation metric, hits 3.7%, above expectations of 3.6%.

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