Bitcoin (BTC) remained resilient in the face of U.S. economic indicators on June 28, with the $60,000 support level’s durability in question.
**Chart Analysis: BTC/USD on a 1-hour scale** – Courtesy of TradingView
**Bitcoin’s Stability Amid Economic Fluctuations**
Post-Wall Street’s opening bell, Bitcoin’s value hovered around the lower $61,000s, as reported by Cointelegraph Markets Pro and TradingView. The Personal Consumption Expenditures (PCE) Index, the Federal Reserve’s inflation measure of choice, aligned with forecasts.
The core PCE, at a 2.6% annual increase, hit its lowest point since March 2021.
“Anticipated cooler PCE data emerged. Personal income exceeded forecasts, contrasting with a decline in personal spending,” noted Skew, a well-known trader, in a commentary on platform X, labeling the statistics as favorable.
Despite the PCE’s minimal impact on Bitcoin and other cryptocurrencies, Skew highlighted the potential for future volatility due to decreasing retail sales and a significant 17% drop in Nike’s stock value.
“The U.S. market’s attention remains on the potential September rate cut and the implications of a Trump presidency on various sectors,” Skew elaborated, pointing out the now evident challenges facing cryptocurrencies compared to the previous year.
Cointelegraph has emphasized that market sentiment is still betting on the Federal Reserve to reduce interest rates at the September Federal Open Market Committee (FOMC) meeting, an event crucial for liquidity in risk assets and cryptocurrencies. CME Group’s FedWatch Tool estimated nearly a 68% likelihood of this outcome.
**Probabilities for the Fed’s target rate at the September FOMC meeting** – Source: CME Group
**Debating Bitcoin’s Price Stability**
As for Bitcoin’s performance, it maintained a steady course, with BTC/USD just above the $60,000 threshold.
“Bitcoin’s daily closure beneath the Bull Flag’s peak signals ongoing consolidation within the pattern,” conveyed Rekt Capital, a prominent trader and analyst, to his X platform audience, including a chart for clarification.
**BTC/USD trajectory analysis** – Provided by Rekt Capital/X
Material Indicators, a trading analysis entity, expressed concerns over weakening bid support below the $60,000 mark.
“FireCharts indicates a surge in Bitcoin bid liquidity at the $60k level, yet the underlying support appears to be waning,” it remarked, referencing a snapshot of BTC/USDT order book liquidity from Binance, the world’s largest exchange.
**BTC/USDT order book liquidity snapshot for Binance** – Courtesy of Material Indicators/X
Please note, this article is not intended to offer investment guidance or suggestions. All investments and trading maneuvers carry inherent risks, and individuals should perform their own due diligence before making decisions.