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Bitcoin has a new line in the sand. Thursday’s core PCE could stress test it.
Key takeaways
- The bitcoin BTC$61,541.58 market has found a new support level, and Thursday's U.S. core PCE release may test its mettle.
- That level is $59,000, which has emerged as strong support, capping downside moves in recent days.
- A support level in trading is a specific price point or range where a downtrend tends to pause or reverse, paving the way for a bounce as concentrated buying interest becomes strong enough to counter selling pressure.
The bitcoin BTC$61,541.58 market has found a new support level, and Thursday's U.S. core PCE release may test its mettle.
That level is $59,000, which has emerged as strong support, capping downside moves in recent days.
A support level in trading is a specific price point or range where a downtrend tends to pause or reverse, paving the way for a bounce as concentrated buying interest becomes strong enough to counter selling pressure. However, a single instance does not make a level a strong support. Traders typically look for at least two instances of price holding or bouncing from a specific level before identifying it as new support.
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