Analysis: Bitcoin establishes a new support level at $59,000, with Thursday's PCE data potentially becoming a key test

According to CoinDesk, Bitcoin has repeatedly found support around $59,000 in June, a position that has replaced $60,000 as a more critical technical support level. On Wednesday, as the decline accelerated, the price briefly approached $59,000 before rebounding to $61,000, a similar trend that occurred on June 5, when the price rebounded to $67,000 after stopping the decline near $59,000.

The Federal Reserve's most closely watched PCE data will be released on Thursday evening, with core PCE expected to rise year-on-year by 3.3%-3.4%, the highest since October 2023. If the data exceeds expectations, it will confirm that the rise in inflation is not a temporary phenomenon, potentially strengthening interest rate hike expectations and pushing the dollar index further up, putting pressure on cryptocurrencies; if it falls short of expectations, it may alleviate concerns about interest rate hikes, providing support for Bitcoin's rebound from $59,000.