Bitcoin (BTC) has been range-bound since Wall Street opened on August 30, as traders began comparing BTC price action to the 2023 crash.
Bitcoin Ignores Recent US PCE Inflation Figures
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD is trading near $59,500.
The latest U.S. macroeconomic data in the form of the personal consumption expenditures (PCE) index did little to reverse this sideways trend.
This was slightly lower than expected, further supporting claims that rate cuts will begin in September, as expected.
The market odds for the size of the first rate cut haven’t changed much since the PCE announcement, according to the latest estimates from CME Group’s FedWatch tool.
But Bitcoin, stuck just below $60,000, is providing little inspiration to traders hoping to regain some of the lost support.
Popular trader Crypto Ed highlighted $62,000 as a key resistance/support level reversal needed for a bullish move in his latest video update on X.
“$62,000 is my key level. If we break above $62,000 and recover, I would be much more bullish,” he said.
Crypto Ed provided an idea of where the market might be headed in the coming weeks with the August 2023 BTC price fractal. At the time, BTC/USD was making long-term lows of $25,000 before a sharp rally in late Q4.
Trader Josh Razer then had a similar thought, this time looking at the movements of the U.S. stock market during the Bitcoin surge in 2020.
“The stock is almost at an all-time high. This is exactly what happened in September 2020, the last Bitcoin halving,” he told his X followers.
“Stocks hit new highs in late August 2020 and then crashed by over -10% in September. Expect a different outcome in September or $BTC and cryptocurrencies will take a hit.”
Ichimoku Highlights BTC Price Difficulties
A more bullish trader was Crypto Titan, who hinted in his update that the Ichimoku Cloud indicator could be key to short-term strength.
Related: Bitcoin Hash Price Crash, Similar to BTC Price Release Zone in March 2020
“If BTC recovers $59,600 and breaks the cloud twist, the cloud will turn from resistance to support,” he wrote along with an explanatory chart.
“This could trigger an upward move.”
With less than 48 hours to go until the monthly close, Bitcoin was set to end August down around 8%, but has since recovered around 40% since its low of $45,500 on August 5.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.