Why is Bitcoin (BTC) down today? (May 26, 2023)

The U.S. Personal Consumption Expenditures (PCE) Price Index (year-on-year) rose to 4.4%, beating expectations of 3.9%. Following the announcement, Bitcoin (BTC) and the U.S. dollar index declined. New data suggests that the Fed's efforts to slow the economic course may be hampered. This can be interpreted as the possibility that the Fed’s interest rate hikes will continue for a while.