Bitcoin slips below $80,000 as sticky US PCE lifts caution; gold tests $4,600 ahead of Jackson Hole

Bitcoin (BTC) drifted lower on Wednesday, holding just above $78,000 after last week’s rally stalled near $81,000 and the move back under $80,000 triggered position unwinds alongside profit-taking. US macro data offered little relief: the PCE Price Index held at 3.7% year on year in July, above the 3.6% consensus, while core PCE was unchanged at 3.3% as forecast. Both measures rose 0.2% month on month. Personal Income increased 0.4% against expectations of 0.3%, and Personal Spending rose 0.2%. Rate expectations continued to soften, with futures implying a 38% chance of a 25 basis-point September hike, down from 55% a month earlier. Retail demand was put at roughly 703,000 BTC, versus about 712,000 the prior day, after reaching 762,000 on August 18.

Gold (XAU/USD) also pulled back, testing support at $4,600 and trading around $4,628 as markets absorbed the inflation prints and looked ahead to Jackson Hole. On the chart, BTC remained above the 50-day, 100-day and 200-day EMA, with a trendline break level cited near $68,125; MACD stayed positive and RSI was 78, with support marked at $71,975 and a $68,100–$67,700 zone, while a daily close below $68,000 was flagged as a risk. For gold, RSI eased to 69 as MACD stayed positive; support was mapped to the 100-day EMA near $4,356, then $4,316 on the 50-day EMA and about $4,310 on the 200-day EMA, with resistance at $4,697 and $4,800.