Bitcoin (BTC) is treading water in the lower $61,000 range, despite the latest Personal Consumption Expenditures (PCE) Index data conforming to expectations. The PCE, the Fed's preferred inflation gauge, showed a 2.6% year-on-year reading, the lowest since March 2021. Market sentiment continues to favor the Federal Reserve cutting interest rates at the September meeting of the Federal Open Market Committee. However, traders are concerned about Bitcoin's price support, warning that bid support below $60,000 is dissipating. This comes amid declining retail sales and a 17% rout in the stock of clothing giant Nike.