Analysis: Bitcoin establishes new support at $59,000, Thursday's PCE data may be a key test

CoinFeed June 25 news, according to CoinDesk report, Bitcoin has repeatedly found support and rebounded around $59,000 in June, this level has replaced $60,000 as a more critical technical support. When the decline accelerated on Wednesday, the price briefly approached $59,000 then rebounded to $61,000, similar moves appeared on June 5 - the price stopped falling near $59,000 and rebounded to $67,000 within days. Thursday evening will release the PCE data, the inflation measure most watched by the Fed, with core PCE expected to rise 3.3%-3.4% year-on-year, the highest since October 2023. If the data exceeds expectations, it will confirm that the inflation resurgence is not temporary, may strengthen rate hike expectations and push the dollar index further higher, putting pressure on cryptocurrencies; if below expectations, it may ease rate hike concerns, providing a boost for Bitcoin to rebound from $59,000.