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Bitcoin Establishes $59,000 Support Level; PCE Data Due Thursday May Test Key Price

GateNews
Market AnalysisPrice PredictionStocks
BTC-1.88%

According to CoinDesk, Bitcoin has established $59,000 as a new key support level as of June 25, replacing $60,000 as the critical technical support after multiple bounces at that price throughout June. On Wednesday, the price rebounded from near $59,000 to $61,000 in a pattern previously seen on June 5, when a similar rebound from $59,000 climbed to $67,000.

Core PCE inflation data is due Thursday evening, with expectations for year-over-year growth of 3.3% to 3.4%, marking the highest reading since October 2023. The release could prove decisive for Bitcoin's near-term direction.

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