Bitcoin has a new line in the sand. Thursday’s core PCE could stress test it.
The market has found a new support level and it could be tested following Thursday’s U.S. inflation data.
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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.
