BTC price is ‘crushing’ below $60K while Bitcoin ignores cool PCE.
Bitcoin (BTC) closed on June 28 US macro data as doubts about the strength of $60,000 support eased.
Bitcoin treads water as PCE hits three-year low
Data from Cointelegraph Markets Pro and TradingView showed BTC price action hovering around the $61,000 lows since the Wall Street open.
The latest personal consumption expenditures (PCE) index, known as the Fed's “preferred” measure of inflation, was in line with expectations across the board.
At 2.6% y/y, core PCE showed the lowest reading since March 2021.
“The PCE data came in cold as expected. Personal income is slightly higher than expected, but private spending will slow, popular trader Skew said in a response to X (formerly Twitter), describing the numbers as “pretty good”.
While bitcoin and altcoins were less active on the PCE, Skew suggested that the decline in retail sales could create volatility amid a 17 percent crash in apparel giant Nike's stock in the future.
“The US market is still focused on the September rate cut and pricing under the Trump presidency, as well as how industries will look/impact growth,” he continued, adding that the headwinds for crypto were “obvious here a year ago.”
As Cointelegraph reports, market sentiment for the Federal Reserve cut interest rates – a key liquidity event for risk assets and crypto – at the September meeting of the Federal Open Market Committee, or FOMC.
The latest data from CME Group's FedWatch Tool put the odds of a rate cut on the day at around 68%.
BTC price support is requested
Turning to Bitcoin itself, traders saw little change in conditions as BTC/USD moved sideways above the $60,000 mark.
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“Bitcoin Daily closed below the bull flag so it is still doomed for further consolidation in the pattern,” noted trader and analyst Rect Capital told X followers with an explanatory chart.
“However, the price is only one close daily from the top of the bull flag, away from a breakdown.”
Material indicators for business inputs, however, were a cause for concern. He warned that bid support of less than $60,000 is being distributed.
“FireCharts shows the Bitcoin bid liquid volume moving up to $60k but the support ladder below it is drawing,” commented BTC/USDT order book liquidation publication from the largest global exchange Binance.
“Awaiting further volatility at the close of the month.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
