- Bitcoin ignores latest US PCE inflation print
- Traders' expectations around $62,000
- Ichimoku Cloud highlights BTC price struggle
Bitcoin stayed rangebound at the Aug. 30 Wall Street open despite new US economic data. Traders start to compare BTC's current price action to its 2023 breakdown.
Bitcoin ignores latest US PCE inflation print
The latest US macroeconomic data in the form of the Personal Consumption Expenditures (PCE) Index did little to shift the sideways landscape. This came in slightly below expectations, further bolstering the case for already anticipated interest rate cuts to begin in September. However, Bitcoin remained steady around $59,500.
Traders' expectations around $62,000
Popular trader Crypto Ed believes that $62,000 is the key resistance and support level for Bitcoin. If Bitcoin breaks above and reclaims this level, he will be much more bullish. Other traders, like Josh Rager, note the behavior of the US stock market and its impact on Bitcoin. He recalled that in 2020, the stock market reached new highs before a sharp drop of over 10% in September.
Ichimoku Cloud highlights BTC price struggle
Trader Titan of Crypto suggested that the Ichimoku Cloud indicator might be key to short-term strength. If BTC reclaims $59,600 and breaks through the cloud twist, it could result in an upward move. The upcoming monthly close might end August down by 8%, despite a nearly 40% recovery since the start of the month.
Bitcoin remains stable amid new US economic data and trader expectations. Key resistance levels to watch in the near future are $59,600 and $62,000, which could determine the future direction of the Bitcoin price.
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