#Bitcoin Price Prediction Amid New Income and Spending Data: Will Cryptos Rally?
Bitcoin (BTC) bounced off the psychological support level of $60,000 to trade above $60,500. The Core PCE Price Index, the Federal Reserveâs preferred inflation gauge, came in at 0.1%, slightly below expectations of 0.2%.
Revised UoM Consumer Sentiment also fell short of forecasts, coming in at 65.6 compared to the expected 65.9.
As Bitcoin (BTC) hovers above the $60,500 mark following a rebound from its recent dip, the cryptocurrency market is keenly watching the interplay between recent U.S. economic data and Bitcoin price predictions.
Key Economic Data and Impact
The lower-than-expected inflation data may suggest that inflationary pressures are easing, potentially reducing the need for the Fed to continue its aggressive interest rate hikes.
This could be seen as a positive sign for Bitcoin, as it may signal a more favorable environment for risk assets.
However, the dip in consumer sentiment could indicate some concerns about the overall economic outlook, which might temper investor enthusiasm.
Bitcoinâs Price Action:
Bitcoin bounced off the psychological support level of $60,000, currently trading above $60,500 as of June 29th. This rebound suggests that the market may be interpreting the economic data as moderately negative, however, not as negative as some had feared.
The release of key economic data has had a mixed impact on Bitcoin, with the cryptocurrency showing resilience by bouncing off the $60,000 support level.
While the data may signal a less aggressive Fed in the near term, investors should remain cautious and monitor the evolving macroeconomic landscape and regulatory environment closely.
