比特幣（BTC）價格崩潰，因為PCE數據釋放了對持續通貨膨脹的擔憂

3月28日，比特幣的價格明顯撤退，在美國（美國）（美國）發布了PCE（個人消費支出）價格指數的新數據後，損失了3％以上。

The day of March 28 saw a clear retreat for the price of Bitcoin, which lost over 3% following the release of new data on the PCE (Personal Consumption Expenditures) Price Index in the United States (USA).

3月28日，比特幣的價格明顯撤退，在美國（美國）（美國）發布了PCE（個人消費支出）價格指數的新數據後，損失了3％以上。

The renewed fear of persistent inflation worries investors and puts an important technical threshold at risk: the support at 84,000 dollars.

人們對持續通貨膨脹的恐懼令人擔憂，這使投資者感到擔憂，並將重要的技術門檻置於風險上：支持為84,000美元。

At the center of attention is now the market’s ability to stay above this level. A breakdown could trigger further selling and a return to the lows of recent weeks.

現在，關注的中心是市場保持高於此水平的能力。細分可能會觸發進一步的銷售，並重返最近幾週的低點。

Analysts warn: the scenario becomes complicated for the price of Bitcoin following the USA data

分析師警告：遵循美國數據的比特幣價格變得複雜

At the opening of Wall Street, Bitcoin reached a local high of 85,500 dollars, before quickly reversing course and sliding down to 84,500 dollars on Bitstamp, the lowest level in almost a week.

在華爾街開業時，比特幣達到了85,500美元的當地高點，然後迅速逆轉路線並在Bitstamp上滑到84,500美元，這是將近一周的最低水平。

The February PCE data, eagerly awaited by operators, were in line with expectations on a monthly basis (+0.3%) and annual basis (+2.5%).

2月份的PCE數據急切地受到運營商的期待，每月與期望（+0.3％）和年計（+2.5％）保持一致。

However, the core figure, which excludes the more volatile components such as food and energy, recorded a +0.3%, or one-tenth of a point above the consensus.

但是，排除諸如食品和能源之類的揮發性成分的核心圖是 +0.3％，即高於共識的十分之一。

This detail, although subtle, has reinforced fears of a resurgence in core inflation, complicating the outlook for an easing of U.S. monetary policy.

這個細節雖然微妙，但卻加劇了人們對核心通貨膨脹率復興的擔憂，這使人們對消除美國貨幣政策的看法變得複雜。

According to the financial bulletin The Kobeissi Letter, the dynamics of the PCE “suggest a return towards a more aggressive inflationary trajectory.”

根據金融公告《 Kobeissi的信》，PCE的動態“暗示了回歸更具侵略性的通貨膨脹軌跡”。

The team notes that even the January data has been revised upwards, marking a scenario in which stagflation (a term indicating a phase with stagnant growth and high inflation) becomes a possible in 2025.

該團隊指出，即使是一月份的數據也已經上升，這標誌著一種場景，其中停滯（表明階段表明階段的增長階段和通貨膨脹率高）在2025年成為可能。

“The next data, related to March, will be particularly decisive, in a context made even more uncertain by the geopolitical tensions and the ongoing trade war,”

“與三月有關的下一個數據將在地緣政治緊張局勢和持續的貿易戰變得更加不確定的情況下特別決定性。”

it adds.

它添加。

The drop in BTC prices occurred in a context of renewed volatility. The trader Daan Crypto Trades commented on X that the day was shaping up to be “highly unstable,” given the relevance of the upcoming macro data.

BTC價格下跌發生在新的波動性的情況下。商人Daan加密貨幣交易對X表示，鑑於即將到來的宏觀數據的相關性，這一天正塑造為“高度不穩定”。

Among the more cautious experts, Michaël van de Poppe has warned of a possible technical deterioration. Although he maintains a moderately positive view, he highlights that the bull trend is becoming “visibly more fragile.”

在更加謹慎的專家中，MichaëlVande Poppe警告說可能存在技術惡化。儘管他保持了中等積極的看法，但他強調說，公牛趨勢正變得“明顯脆弱”。

According to the expert, a decisive break below 84,000 dollars could pave the way for new tests towards the range between 78,000 and 80,000 dollars.

根據專家的說法，低於84,000美元的決定性休息可能為新測試鋪平道路，以達到78,000至80,000美元之間的範圍。

The cooling of the market could be physiological

市場的冷卻可能是生理的

A voice outside the chorus is that of the analyst TheKingfisher, who acknowledges the bear pressure but does not associate it with a structural reversal signal.

合唱之外的聲音是分析師Thekingfisher的聲音，他承認熊壓力，但並未將其與結構性逆轉信號相關聯。

According to his analysis, we are in the midst of a typical intermediate cooling, useful for readjusting the market after the recent speculative runs.

根據他的分析，我們正處於典型的中間冷卻中，在最近的投機運行之後可重新調整市場。

“We are not yet in a confirmed bear phase. The picture is closer to a temporary stabilization, typical of spring markets,”

“我們尚未處於確認的熊階段。圖片更接近暫時的穩定，典型的春季市場。”

the analyst states.

分析師指出。

He further hypothesizes the return of the seasonal saying “sell in May and go away,” which suggests a possible pause in the bull pressures close to the summer months.

他進一步假設季節性的回歸說“五月出售並消失”，這表明在夏季幾個月接近的公牛壓力下可能會停下來。

All eyes are now focused on the psychological and technical support of 84,000 dollars. Maintaining it represents an essential condition to contain the risk of a broader decline.

現在，所有人的目光都集中在84,000美元的心理和技術支持上。保持其代表了包含更廣泛下降的風險的基本條件。

A potential breakdown could pave the way for a rapid test of the area between 78,000 and 80,000 dollars, levels that have not been touched for several weeks. On the contrary, a rebound beyond 85,000 dollars could help restore confidence in the short term.

潛在的崩潰可能為快速測試78,000至80,000美元之間的快速測試鋪平了道路，這些水平已經在幾個星期內尚未觸及。相反，超過85,000美元的反彈可以幫助恢復短期的信心。

Inflation, Fed, and Bitcoin: a delicate triangle

通貨膨脹，餵養和比特幣：一個微妙的三角形

Persistent inflation and the cautious tone of the Federal Reserve remain the main exogenous factors influencing crypto.

持續的通貨膨脹和美聯儲的謹慎語調仍然是影響加密的主要外在因素。

An increase in the core component, like the one seen in this latest report, strengthens the scenario of a possible postponement of the interest rate cuts expected for the second half of the year.

核心組成部分的增加，就像這份最新報告中看到的那樣，增強了可能推遲今年下半年預期降低利率的情況。

This, in turn, supports the dollar and acts as a brake on riskier assets, including Bitcoin, which have benefited from low rates and abundant liquidity in recent years.

反過來，這又支持美元，並在包括比特幣在內的風險較高的資產上進行剎車，近年來從低利率和豐富的流動性中受益。

The behavior of BTC will therefore continue to be driven by the dualism between macro narrative and technical dynamics. In this fragile balance, the breaking (or maintaining) of key thresholds could outline the market mood for the weeks to come.

因此，BTC的行為將繼續由宏觀敘事和技術動態之間的二元論驅動。在這種脆弱的平衡中，關鍵閾值的破壞（或維持）可以概述未來幾週的市場情緒。