🚨 Bitcoin's Most important Level Right Now? $59,000
#Bitcoin briefly dropped to the $59K zone before buyers stepped in and pushed the price back above $60K. Interestingly, this is the second time this month that $59,000 has acted as a strong support level.
The market is now focused on Thursday's Core PCE inflation data......one of the Federal Reserve's preferred inflation gauges.
📈 A cooler-than-expected reading could ease pressure on risk assets and help Bitcoin attempt another move higher.
📉 A hotter reading, however, could increase rate-hike fears and put the $59K support under serious pressure.
The last time Bitcoin bounced from this area, it rallied all the way to $67K. The question now is whether history will repeat itself.
👀 All eyes on inflation data and the $59,000 line in the sand.
#BTC #Crypto #Inflation #PCE $BTC
#Bitcoin briefly dropped to the $59K zone before buyers stepped in and pushed the price back above $60K. Interestingly, this is the second time this month that $59,000 has acted as a strong support level.
The market is now focused on Thursday's Core PCE inflation data......one of the Federal Reserve's preferred inflation gauges.
📈 A cooler-than-expected reading could ease pressure on risk assets and help Bitcoin attempt another move higher.
📉 A hotter reading, however, could increase rate-hike fears and put the $59K support under serious pressure.
The last time Bitcoin bounced from this area, it rallied all the way to $67K. The question now is whether history will repeat itself.
👀 All eyes on inflation data and the $59,000 line in the sand.
#BTC #Crypto #Inflation #PCE $BTC