Bitcoin

Bull Flag

Material

Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) shrugged off United States macro data on June 28 as doubts lingered over the strength of $60,000 support.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/1974a1fe-7232-4736-9642-9dade150b522.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-treads-water-as-pce-prints-three-year-low">Bitcoin treads water as PCE prints three-year low</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed BTC price action circling the lower $61,000 range after the Wall Street open.
The latest print of the Personal Consumption Expenditures (PCE) Index, known as the Fed’s “preferred” inflation gauge, conformed to expectations across the board.
At 2.6% year-on-year, core PCE showed the lowest reading since March 2021.
“PCE data expectedly came in cooler. Personal income slightly higher than expected but cooling personal spending,” popular trader Skew wrote in a <a href="https://x.com/52kskew/status/1806668024520564957" target="_blank" rel="noopener nofollow">response</a> on X, describing the numbers as “pretty good.”
While Bitcoin and altcoins barely moved on PCE, Skew <a href="https://x.com/52kskew/status/1806688656134193558" target="_blank" rel="noopener nofollow">noted</a> declining retail sales potentially forming a volatility catalyst in the future amid a 17% rout in the stock of clothing giant Nike.
“US market will still focus on sept rate cut &amp; pricing in trump presidency as well how it would look/impact industries,” he <a href="https://x.com/52kskew/status/1806691226907000886" target="_blank" rel="noopener nofollow">continued</a>, adding that headwinds for crypto were “quite clear here vs a year ago.”
As <a href="https://cointelegraph.com/news/bitcoin-back-gains-hawkish-fed-bulls-70k">Cointelegraph reported</a>, market sentiment continues to favor the Federal Reserve cutting interest rates — a key liquidity event for risk assets and crypto — at the September meeting of the Federal Open Market Committee, or FOMC.
The latest data from CME Group’s <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener nofollow">FedWatch Tool</a> put the odds of a cut at nearly 68% on the day.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/b3dfc087-4fc2-4cff-99b1-fc867da9847a.png" alt="" title="">
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 Fed target rate probabilities for September FOMC meeting. Source: CME Group
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<h2 data-ct-non-breakable="true" id="btc-price-support-questioned">BTC price support questioned</h2>
Turning to Bitcoin itself, traders saw little change in circumstances as BTC/USD edged sideways above the $60,000 mark.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-miner-sell-pressure-weakening-btc-withdrawals">Bitcoin miner sell pressure ‘weakening’ as BTC withdrawals drop 85%</a>
“Bitcoin Daily Closed below the Bull Flag top so it is still sentenced to additional consolidation inside the pattern,” popular trader and analyst Rekt Capital <a href="https://x.com/rektcapital/status/1806668925259653338" target="_blank" rel="noopener nofollow">told</a> X followers alongside an explanatory chart.
<blockquote data-ct-non-breakable="true">
 “However, price is only one Daily Close above the Bull Flag top away from a breakout.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/834ecfb3-9764-47a6-938d-6997a291ce5d.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Rekt Capital/X
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For trading resource Material Indicators, however, there was cause for concern. Bid support below $60,000, it warned, was dissipating.
“FireCharts shows a block of Bitcoin bid liquidity moving up to $60k, but the ladder of support below it is thinning,” it <a href="https://x.com/MI_Algos/status/1806685588625477668/photo/1" target="_blank" rel="noopener nofollow">commented</a> on a print of BTC/USDT order book liquidity from largest global exchange Binance.
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 “Expecting more volatility up to and through the monthly close.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/fa206c8c-f02f-4440-b5da-0066b487ebaa.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT liquidity for Binance. Source: Material Indicators/X
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price support ‘thinning’ below $60K, while Bitcoin ignores cool PCE

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