<p>Bitcoin traded up following consumer spending <a href="https://www.bea.gov/news/2022/personal-income-and-outlays-september-2022">data</a> in the U.S., before surrendering these gains as the market digested the latest economic data.</p> <p>The monthly personal consumer expenditures (PCE) was 0.5%, in line with the consensus before release. The annual change in PCE was 6.2% in September.</p> <p>Bitcoin was <a href="https://www.coinbase.com/price/bitcoin">trading</a> at $20,280 following the release. The leading cryptocurrency by market cap briefly spiked before trading lower, then rising again. Economic indicators have driven crypto prices over the past few months.</p> <div id="attachment_180884"class="wp-caption alignnone" style="max-width: 2009px;"><img class="has-caption wp-image-180884 size-full" src="https://www.tbstat.com/wp/uploads/2022/10/BTCUSD_2022-10-28_14-08-09.png" alt="" width="1999" height="1262" /><p class="wp-caption-text"><a href="https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD"><span style="font-size: 8pt">BTCUSD chart by TradingView</span></a></p></div> <p>PCE measures the price people in the U.S. pay for goods and services, or those buying on behalf of others. The index captures inflation, or deflation, across a range of consumer goods.</p> <p>It is seen as the Fed's preferred measure of inflation, because it can reflect changes in consumer behavior, thus giving a more comprehensive overview of the inflation picture than the consumer price index (CPI). <a href="https://www.theblock.co/post/176877/u-s-inflation-comes-in-hot-up-0-4-month-on-month-and-8-2-year-on-year">CPI</a> was hotter-than-expected in September, up 0.4% month-on-month and 8.2% year-on-year.</p> <div id="attachment_180854"class="wp-caption alignnone" style="max-width: 2475px;"><img class="has-caption wp-image-180854 size-full" src="https://www.tbstat.com/wp/uploads/2022/10/US-inflation-cpi-and-pce-sept.jpg" alt="" width="2465" height="1356" /><p class="wp-caption-text"><span style="font-size: 8pt"><a href="https://www.bea.gov/">source: bea.gov</a></span></p></div> <p>Today's economic indicator follows yesterday's better-than-expected GDP <a href="https://www.theblock.co/post/180383/bitcoin-and-ether-trade-lower-as-correlation-to-equities-wanes">data</a>. The U.S. economy grew by 2.6% in the third quarter, countering suggestions by "doomsayers" that the economy was underperforming, President Joe Biden <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/27/statement-by-president-biden-on-third-quarter-gdp-report/">said</a>.</p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>