Bitcoin (BTC) Price Support Weakening Below $60,000: Analysts

Bitcoin (BTC) remained relatively unfazed by the latest U.S. macro data, including a three-year low in the Personal Consumption Expenditures (PCE) Index, which is considered the Fed’s preferred inflation gauge. However, analysts are concerned about the weakening support for BTC below $60,000. Despite the PCE data coming in cooler than expected, traders are still anticipating a rate cut by the Federal Reserve in September. This anticipation of a rate cut, a key event for risk assets and crypto, is contributing to market sentiment favoring a potential increase in liquidity. While some analysts see a potential breakout from the current Bull Flag pattern, others warn of thinning bid support below $60,000. The declining liquidity below $60,000 could lead to increased volatility in the coming days, especially as the monthly close approaches.