From the perspective of Bitcoin, although the economic data in the United States performed well, the PCE accelerated to a 4-month high, and the pace of interest rate hikes by the Federal Reserve seems to need to continue.
As a digital currency, the value of Bitcoin is closely related to the global economic situation. When the global economy is doing well, the value of Bitcoin is likely to rise as investors are likely to put their money into the cryptocurrency market for higher returns. However, when the economy performs poorly, Bitcoin's value may fall as investors may reduce their exposure to the cryptocurrency and move to more stable investment options.
Although U.S. economic data is performing well, the Federal Reserve still needs to continue raising interest rates to control inflation. If the Fed stops raising interest rates too soon, it could cause runaway inflation, which would have a negative impact on the value of Bitcoin.
In addition, the pace of interest rate hikes by the Federal Reserve may also be affected by other factors, such as global economic conditions, geopolitical risks, etc. If these factors negatively impact the value of Bitcoin, the Fed may pause raising interest rates or take other measures to stabilize the economy.
Therefore, from a Bitcoin perspective, despite good economic data in the United States, the Fed’s pace of raising interest rates needs to continue. However, if the Fed stops raising interest rates too soon, it could cause the value of Bitcoin to fall.