Bitcoin stable as Fed fave PCE inflation sees first monthly drop in six years

Bitcoin (BTC) shook off volatility on Thursday as US stocks rebounded on the back of inflation-data relief.Key points:Bitcoin avoids a snap reaction to US personal consumption expenditures (PCE) inflation data, which reverses a local uptrend.Analysis remains wary of inflationary tendencies despite PCE conforming to expectations.Bitwise predicts that going forward, Bitcoin will become less sensitive to Fed interest-rate changes.PCE ends uptrend while staying above Fed inflation targetData from TradingView showed BTC price action focusing on $64,500, broadly unchanged from the day prior. BTC/USD one-hour chart. Source: Cointelegraph/TradingViewThe major risk-asset headwind from earlier in the week in the form of a mass sell-off in semiconductor stocks eased on the day, sparing crypto during the US trading session. The S&P 500 index and Nasdaq Composite index were up 1% and 2.3%, respectively, at the time of writing.Nasdaq Composite Index one-day chart. Source: Cointelegraph/TradingViewThe June print of the US Personal Consumption Expenditures (PCE) index added another positive catalyst, this coming in at 3.7% year-on-year — in line with market expectations. May’s PCE print, at 4....