Bitcoin (BTC) price fell to $71,000 during the Wall Street open on October 31. New US macroeconomic data failed to trigger an upward move in BTC price.

According to data from Cointelegraph Markets Pro and TradingView, BTC/USD is down about 1.6% on the day.

September Personal Consumption Expenditures (PCE) index came in line with expectations, but crypto markets did not react.

“Both core PCE and CPI inflation remain high and stubborn,” The Kobeissi Letter said. The Fed’s decision on rate cuts is set to be announced on November 7.

According to CME Group’s FedWatch Tool, there is a 96% chance of a 0.25% rate cut next week.

Analyst Michaël van de Poppe noted that the nonfarm payrolls data on November 1 could bring more volatility. “No major changes in the data, eyes on tomorrow’s data,” he said.

Material Indicators observed that Bitcoin whales have reduced their BTC holdings in the last 24 hours.

“Over $500 million in open interest closed with only 2% price movement,” said popular crypto analyst Daan Crypto Trades.

The market continues to monitor US economic indicators that could create volatility in BTC prices.