On June 28th, due to the limited market reaction to US macroeconomic data, the control of Bitcoin over the $60,000 support level has received close attention. According to TradingView data, after the opening of Wall Street, the price of Bitcoin hovered slightly below $61,000. The latest Personal Consumption Expenditures (PCE) Index report is a key inflation indicator for the Federal Reserve and is in line with general expectations.
How does US data affect Bitcoin?
The annual growth rate of core PCE is 2.6%, the lowest level since March 2021. Although a decline in PCE data was expected, well-known investor Skew commented on X that personal income exceeded expectations while personal spending slowed down, marking the data as relatively favorable. However, Bitcoin and altcoins were largely unaffected by the PCE report. Visit COINTURK FINANCE for the latest financial and business news.
Skew also highlighted potential volatility factors such as a decline in clothing retail sales and a significant 17% drop in Nike’s stock price. They pointed out that the focus of the market may still be on the possible interest rate cut in September under the Trump administration and its impact on various industries.
What are the signals in the Bitcoin market?
Bitcoin investors believe that as Bitcoin/USD trades sideways above the $60,000 key level, the change in Bitcoin is minimal. Renowned analyst Rekt Capital stated that the Bitcoin price closed below the daily flag peak, indicating that the pattern will further consolidate. However, if the daily closing price is higher than this level, it may indicate a breakthrough.
Data provided by material indicators shows weakened bidding support below $60,000, which has raised concerns. Analysts warned that liquidity in the BTC/USDT order book on Binance has decreased, and volatility is expected to increase before the end of this month.
Key takeaways for investors:
– Pay close attention to the $60,000 support level for Bitcoin as it is crucial for future price trends.
– Monitor US economic data, especially the PCE, as it can affect market sentiment.
– Pay attention to potential volatility factors such as retail sales performance and significant stock fluctuations.
– Watch the decisions of the Federal Reserve, especially interest rate cuts, as they may impact risk assets including cryptocurrencies.
In conclusion, the price trend of Bitcoin near the $60,000 support level is crucial at the moment. While the direct impact of US macroeconomic data is minimal, the decisions made by the Federal Reserve and market volatility factors can have a significant impact on future trends. Investors should remain vigilant and stay informed about potential changes ahead.
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