Bitcoin · CoinDesk
Thursday’s core PCE could stress test it
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The bitcoin BTC $ 61,204.12 market has found a new support level, and Thursday's U.S. core PCE release may test its mettle.
Key facts
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- On Wednesday, as the sell-off gathered pace, prices fell to nearly $59,000 before bouncing back to $61,000 overnight
- A similar move occurred earlier this month on June 5, when the sell-off lost steam near $59,000, paving the way for a bounce to $67,000 in the following days
- That's the scenario for which traders might want to note that $59,000, rather than $60,000, is the key support to watch
Summary
Bitcoin has repeatedly bounced near $59,000 this month, establishing it as a key support level that traders need to watch more closely than the round $60,000 mark. Thursday’s U.S. core PCE inflation report is expected to show the fastest price growth since late 2023. A hotter-than-expected reading may add to dollar's strength, sending risk assets, including BTC lower. That level is $59,000, which has emerged as strong support, capping downside moves in recent days.