Bitcoin’s price performance showed little movement following the latest U.S. macroeconomic data, raising concerns among analysts about maintaining support at the $60,000 level.
Source: TradingView
Bitcoin hovers around $61,000 despite PCE data
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin was trading around the lower $61,000 range after the Wall Street opening on June 28. The latest Personal Consumption Expenditures (PCE) Index, which the Federal Reserve considers a key inflation gauge, met expectations, with core PCE showing a 2.6% year-on-year increase, the lowest since March 2021.
Skew, a popular trader, noted that while the PCE data was in line with expectations, Bitcoin and altcoins showed little reaction. He also pointed out that declining retail sales could become a future volatility trigger, especially amid a significant drop in Nike’s stock.
The market remains focused on the potential for the Federal Reserve to cut interest rates at the September FOMC meeting, which could be a crucial event for risk assets, including crypto. CME Group’s FedWatch Tool showed nearly a 68% probability of a rate cut.
Source: CME Group
BTC price support in question
Bitcoin’s price remained largely unchanged, hovering just above $60,000. Analyst Rekt Capital observed that Bitcoin’s daily close was below the bull flag top, suggesting continued consolidation. He mentioned that only a daily close above the bull flag top would indicate a breakout.
However, Material Indicators pointed out that bid support below $60,000 was weakening, as shown by the BTC/USDT order book liquidity on Binance. They warned of potential volatility leading up to and following the monthly close.
Source: Rekt Capital/X
Source: Material Indicators/X
