Stable US Personal Consumption Expenditure Inflation Rate Keeps Bitcoin Price Steady

According to Odaily, the Bitcoin price has remained relatively stable due to the steady inflation rate of the US Personal Consumption Expenditure (PCE) in April. The PCE inflation rate has maintained a steady year-on-year rate of 2.7%, which has not caused significant fluctuations in the Bitcoin price. Data from The Block indicates that the Bitcoin price has risen by 0.7% within the past 24 hours. This stability in the Bitcoin price amidst a steady inflation rate suggests a potential correlation between the two economic indicators. However, further observation and analysis are required to confirm this relationship. The Bitcoin market, like any other financial market, is influenced by a variety of factors, including but not limited to economic indicators such as the PCE inflation rate.