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Bitcoin price compresses below $61k after core PCE falls in line with expectations
Bitcoin (BTC) continued to oscillate near support at $61,000 in early trading on Friday after the latest reading of the Fed's preferred inflation gauge – the core Personal Consumption Expenditures (PCE) index – showed the pace of inflation eased in May as prices increased at their slowest pace since March 2021. Core PCE, which strips out the cost of food and energy, rose 0.1 % in May from the prior month, in line with Wall Street's expectations and slower than the 0.3% increase seen in April. Year-over-year, the index rose 2.6%, also in line with estimates and the slowest annual gain in more than three years. ... (full story)