美國的通貨膨脹仍然比預期的要高 - 這可能會給比特幣帶來麻煩

根據最近的數據，美國的通貨膨脹仍比預期的要比預期的要比預期的要高 - 這可能在短期內為比特幣帶來麻煩

Inflation in the U.S. is still running hotter than expected — and that might spell trouble for Bitcoin in the short term, according to recent data from the U.S. Bureau of Economic Analysis.

根據美國經濟分析局的最新數據，美國的通貨膨脹仍比預期的要比預期的要高。

The data focuses on something called the Personal Consumption Expenditures (PCE) Price Index, which tracks how much prices are rising for goods and services people actually buy. It’s one of the Federal Reserve’s preferred tools for measuring inflation.

數據側重於稱為個人消費支出（PCE）價格指數，該指數跟踪人們實際購買的商品和服務的價格上漲。這是美聯儲衡量通貨膨脹的首選工具之一。

In February 2025, personal income (how much Americans are earning) rose 0.8%, and disposable income (how much people have left to spend or save after taxes) increased 0.9%.

在2025年2月，個人收入（美國人的收入數量）上漲了0.8％，可支配收入（稅後剩下多少錢或節省）增加了0.9％。

Meanwhile, PCE went up 0.4% in a month — a sign that inflation hasn’t cooled off much.

同時，PCE一個月內增長了0.4％，這表明通貨膨脹並沒有太多冷卻。

Even more important is Core PCE, which strips out food and energy prices because they’re so volatile. Core PCE rose 0.4% in February and 2.8% over the past year — just above the expected 2.7%.

更重要的是核心PCE，因為它們是如此波動，因此剝奪了食品和能源價格。核心PCE在2月份上漲了0.4％，在過去一年中增長了2.8％，略高於預期的2.7％。

Crypto analyst Ali Martinez warned that this “sticky” inflation could delay interest rate cuts from the Federal Reserve. That’s a big deal because lower rates tend to boost markets — especially risk assets like Bitcoin.

加密分析師阿里·馬丁內斯（Ali Martinez）警告說，這種“粘性”通貨膨脹可能會延遲美聯儲降低的利率。這很重要，因為較低的利率傾向於提高市場，尤其是像比特幣這樣的風險資產。

He warned in his post on X, saying, "February PCE came in as expected at 2.5%, but Core PCE slightly beat at 2.8% vs 2.7% forecast. Sticky inflation could delay rate cuts — not ideal for risk assets like #Bitcoin, which benefit from looser policy."

他在X上的帖子中警告說：“ 2月PCE的預期為2.5％，但核心PCE以2.8％而略微擊敗2.8％，而2.7％的預測。粘性通貨膨脹可能會降低降低利率，這對於#BitCoin等風險資產而言並不理想。

TOKEN2049 Dubai nears sell-out as crypto’s biggest names boot up

Token2049迪拜隨著加密貨幣的大人物的啟動而近乎售罄

Analyst says 'sticky inflation' could be bad for Bitcoin

分析師說，“粘性通貨膨脹”可能對比特幣不利

Liberland at 10: A decade of libertarian governance and innovation

自由蘭10：自由主義者治理和創新十年

In other words, if inflation stays high, the Fed may hold off on cutting interest rates — and that could hurt Bitcoin’s momentum.

換句話說，如果通貨膨脹率很高，美聯儲可能會阻止降低利率 - 這可能會傷害比特幣的勢頭。

In prior cycles, tighter monetary policy has typically dried up liquidity, resulting in a reduced appetite for risk assets. As of publication, Bitcoin is changing hands for $85,408.12, down by 0.67%, according to Kraken's price feed.

在先前的周期中，更嚴格的貨幣政策通常會乾燥流動性，從而減少了風險資產的需求。根據Kraken的價格提要，截至出版時，比特幣以85,408.12美元的價格易手，下降了0.67％。

Market Cycle of Bitcoin. Source: Ali Martinez

比特幣的市場週期。資料來源：阿里·馬丁內斯（Ali Martinez）

Ali also posted a chart overlaying Bitcoin's price action on the classic "Psychology of a Market Cycle." The chart positions Bitcoin furthest in the 'Denial phase'—out of the euphoria range but not extending to a potential deeper correction.

阿里還發布了一張圖表，將比特幣的價格動作覆蓋了經典的“市場週期心理學”。該圖將比特幣定位在“拒絕階段”中 - 對欣快感範圍的限制，但並未擴展到潛在的更深層校正。

Another crypto analyst Lark Davis,, said, "Better days will come!" hinting at the current bearish trend in the crypto market.

另一位加密分析師拉克·戴維斯（Lark Davis）說：“更好的日子將會到來！”暗示加密市場當前的看跌趨勢。

Any future Federal Reserve moves on interest rates could hinge on how inflation trends play out in the coming months. Economic data releases ahead, particularly for Bitcoin—which often decides the crypto market sentiment— may offer additional context to price.

未來的美聯儲提高利率的任何轉移都可以取決於未來幾個月的通貨膨脹趨勢如何發揮。經濟數據發布了，特別是對於比特幣（通常決定加密市場情緒）的比特幣可能會為價格提供額外的背景。