Bitcoin's Stability Unfazed by U.S. Macro Data as $60,000 Support is Tested
Summary:
Bitcoin's value remained largely unchanged despite the release of U.S. macroeconomic data on June 28, while questions persist about the resilience of the $60,000 support. Trading focused around the lower $61,000 range post the Wall Street open. Noted trader Skew identified a potential volatility catalyst in declining retail sales while expressing concern about the future impact of a Trump presidency on the market. Analysts’ opinions vary regarding Bitcoin's performance, with some detecting the need for further market consolidation and others warning of increasing volatility.
Bitcoin's value appeared unswayed by U.S. macroeconomic data on June 28, and concerns remain about the robustness of its $60,000 support level. Recorded information from Cointelegraph Markets Pro and TradingView revealed that Bitcoin’s market performance hovered around the lower $61,000 after Wall Street commenced operations for the day.
The results of the Personal Consumption Expenditures (PCE) Index, which is viewed by the Federal Reserve as its chosen inflation measure, aligned with predicated assumptions. The core PCE demonstrated its lowest annual increase since March 2021 at 2.6%.
Commenting on the PCE data, notable market commentator Skew remarked that the results were predictably more temperate, with individual income barely exceeding expectations and personal expenditure presently in decline. While Bitcoin and alternative digital currencies were scarcely impacted by PCE data, Skew hinted at retail sales decline as a potential accelerant for market volatility in the future citing Nike's 17% plummet in stock as an example.
Skew asserted that focus would nonetheless remain on possible reductions in U.S. market rates in September and the potential economic impact of a Trump presidency. In comparison to 12 months ago, Skew maintained that the challenges facing cryptocurrency were considerably more evident now.
CME Group’s FedWatch Tool furnished the latest figures making a nearly 68% case for a cut on the day. Believed to be a significant liquidity event for cryptocurrencies and risk assets, as Cointelegraph has previously noted, sentiment suggests a reduced interest rate by the Federal Reserve in September's Federal Open Market Committee (FOMC) meeting.
Regarding Bitcoin, market analysts observed little alteration in Bitcoin's situation as it barely exceeded the $60,000 threshold. 85% decline in Bitcoin miner withdrawals and its closing below the Bull Flag peak indicated the need for further consolidation within the pattern, according to Rekt Capital, a well-known trader and analyst.
Some concerns were raised by trading resource Material Indicators, they highlighted the thinning bid support below $60,000. They cited BTC/USDT order book liquidity data from Binance, the world's largest crypto exchange, and commented that a fluctuating block of Bitcoin bid liquidity had moved up to $60,000, whilst cautioning about increasing market fluctuations leading up to and beyond the month’s end.
Published At
6/28/2024 5:35:34 PM
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