BTC price performance doesn’t offer much enlightenment via the latest U.S. macro data, but Bitcoin analysts are concerned about the $60,000 support level.
Bitcoin (BTC $60,814) remained unaffected by U.S. macro data on June 28 as doubts remained over the strength of the $60,000 support level.
PCE hits three-year low, Bitcoin stagnates
Data from Cointelegraph Markets Pro and TradingView show that BTC price action has been hovering in the sub-$61,000 range following the opening of Wall Street.
The latest data on the Personal Consumption Expenditures (PCE) index, known as the Federal Reserve's "preferred" inflation indicator, was fully in line with expectations.
Core PCE increased 2.6% year-on-year, the lowest level since March 2021.
"PCE data was cooler as expected. Personal income came in a bit above expectations but personal spending cooled a bit," prominent trader Skew wrote in a reply to X (formerly Twitter), calling the data "pretty good."
While Bitcoin and altcoins saw little movement on PCE, Skew noted that falling retail sales amid a 17% plunge in apparel giant Nike’s stock price could serve as a catalyst for volatility in the future.
“The U.S. market will remain focused on pricing in the September rate cut and the Trump presidency, and how it affects the industry,” he continued, adding that the headwinds facing cryptocurrencies compared to a year ago are “quite significant.”
As Cointelegraph reported, market sentiment continues to favor a rate cut by the Federal Reserve at the September Federal Open Market Committee (FOMC) meeting — a key liquidity event for risk assets and cryptocurrencies.
The latest data from CME Group’s FedWatch tool put the probability of a rate cut that day at nearly 68%.
BTC price support questioned
Turning to Bitcoin itself, traders are seeing little change in the situation as BTC/USD trades sideways above the $60,000 mark.
There is cause for concern as far as the Trading Resource Materials indicator is concerned. It warns that buying support below $60,000 is dissipating.
“FireCharts shows that the Bitcoin buy liquidity block is rising to $60K, but the support ladder below it is thinning,” it said in a comment on BTC/USDT order book liquidity on Binance, the world’s largest exchange.
“Expect greater volatility before and during the monthly close.”
