#BTC突破7万大关 #BTC☀ After the Federal Reserve (Fed) announced a 50 basis point rate cut last week, the latest personal consumption expenditures (PCE) report showed that PCE in August rose 0.1% from July, in line with expectations, but lower than the 0.2% increase in July. The annual increase was 2.2%, lower than the expected 2.3%, and also down from 2.5% in July. In terms of core PCE, the monthly increase was also 0.1%, also lower than expected, while the annual increase was 2.7%, slightly higher than 2.6% in July.

Wall Street reporter Nick Timiraos pointed out that the current inflation situation shown by the PCE data is close to the Fed's 2% target, indicating that inflation is under control. However, he also warned that low interest rates do not necessarily ensure a soft landing for the economy, and there are still risks in cutting interest rates, especially some households and businesses may choose not to borrow due to high interest rates.

In terms of market reaction, top trader Eugene Ng Ah Sio said he has reduced his position to cope with the current uncertainty, believing that Bitcoin will not break through $70,000 before the US election, and he is more inclined to re-enter the market when the market pulls back.

According to the CME Fed Watch tool, the market predicts a 56.7% chance of a 2 basis point rate cut in November, while the chance of a 1 basis point rate cut is 43.3%, reflecting some of the market's concerns about the outlook for the US economy. $BTC