Bitcoin has a new line in the sand. Thursday’s core PCE could stress test it. (opens original article in a new tab)

Bitcoin's price is closely watched around the $59,000 support level as traders anticipate the impact of Thursday's core PCE inflation report on the cryptocurrency market.

• Bitcoin has established $59,000 as a key support level after bouncing near that price multiple times this month
• Thursday's U.S. core PCE inflation report is expected to show 3.3%-3.4% year-on-year growth, the highest since October 2023
• A hotter-than-expected core PCE could strengthen the dollar and pressure BTC, while a lower reading might ease rate-hike fears and support crypto prices
• Traders are focusing on $59,000 as the critical support level rather than $60,000 for Bitcoin's near-term outlook