Bitcoin fell below $78,000 and stayed well short of the $80,000 mark after July US PCE inflation numbers came in a bit hotter than analysts expected. The data put pressure on gold and other risk assets, with stocks also sliding as risk appetite faded.

PCE Inflation Tops Forecasts

The July core PCE inflation reading in the US slightly beat consensus estimates. The hotter-than-expected print made traders more cautious and cooled demand for risk-on assets.

BTC and Risk Asset Reaction

Following the PCE release, bitcoin couldn't get close to $80,000 and traded below $78,000. The selling pressure hit gold and equities too, showing a broader risk-off move across the markets.