BTC price support ‘thinning’ below $60K, while Bitcoin ignores cool PCE

William Suberg9 hours agoBTC price support ‘thinning’ below $60K, while Bitcoin ignores cool PCEBTC price performance offers little inspiration through the latest U.S. macro data, but concern is brewing among Bitcoin analysts over $60,000 support.5619 Total views6 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) shrugged off United States macro data on June 28 as doubts lingered over the strength of $60,000 support.BTC/USD 1-hour chart. Source: TradingViewBitcoin treads water as PCE prints three-year low

Data from Cointelegraph Markets Pro and TradingView showed BTC price action circling the lower $61,000 range after the Wall Street open.

The latest print of the Personal Consumption Expenditures (PCE) Index, known as the Fed’s “preferred” inflation gauge, conformed to expectations across the board.

At 2.6% year-on-year, core PCE showed the lowest reading since March 2021.

“PCE data expectedly came in cooler. Personal income slightly higher than expected but cooling personal spending,” popular trader Skew wrote in a response on X, describing the numbers as “pretty good.”

While Bitcoin and altcoins barely moved on PCE, Skew noted declining retail sales potentially forming a volatility catalyst in the future amid a 17% rout in the stock of clothing giant Nike.

“US market will still focus on sept rate cut & pricing in trump presidency as well how it would look/impact industries,” he continued, adding that headwinds for crypto were “quite clear here vs a year ago.”

As Cointelegraph reported, market sentiment continues to favor the Federal Reserve cutting 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 cut at nearly 68% on the day.Fed target rate probabilities for September FOMC meeting. Source: CME GroupBTC price support questioned

Turning to Bitcoin itself, traders saw little change in circumstances as BTC/USD edged sideways above the $60,000 mark.

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“Bitcoin Daily Closed below the Bull Flag top so it is still sentenced to additional consolidation inside the pattern,” popular trader and analyst Rekt Capital told X followers alongside an explanatory chart.“However, price is only one Daily Close above the Bull Flag top away from a breakout.”BTC/USD chart. Source: Rekt Capital/X

For trading resource Material Indicators, however, there was cause for concern. Bid support below $60,000, it warned, was dissipating.

“FireCharts shows a block of Bitcoin bid liquidity moving up to $60k, but the ladder of support below it is thinning,” it commented on a print of BTC/USDT order book liquidity from largest global exchange Binance.“Expecting more volatility up to and through the monthly close.”BTC/USDT liquidity for Binance. Source: Material Indicators/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Markets# InflationAdd reaction