🚨🚨 MAJOR NEWS ALERT for #BITCOIN 🚨🚨
Market Analysis: Bitcoin's Volatile Trend Amid PCE Data Release
Last night,
The release of the Personal Consumption Expenditures (PCE) data met the market's expectations for lower inflation. As the market leader, Bitcoin initially surged to $62,230 but then experienced significant volatility, dropping to a low of $60,050. Despite an early rebound during trading, the recovery lacked momentum, indicating that the market remains in a weak and volatile state. The K-line trend's negative decline suggests that the bearish trend might continue.
On the four-hour chart, Bitcoin displays a clear downward rhythm with no obvious short-term reversal signals, indicating the potential for further decline. However, the expected deep correction is not anticipated to be too severe, with prices likely hovering around $60,000. Currently, Bitcoin faces short-term resistance at $63,000, while the support level stands at $60,000. This suggests a tight trading range that investors should closely monitor.
Moreover, the market is closely watching the anticipated launch of the Ethereum spot ETF, which could introduce new opportunities and potentially influence market dynamics. Looking ahead to July, the market may experience a bottoming phase. In this context, it is crucial for investors to respect market conditions and avoid overly aggressive strategies when attempting to capitalize on potential market lows. Remaining cautious and informed will be key to navigating the expected volatility.