Market focus turns to US PCE data, BTC fluctuates sideways

Crypto markets traded sideways on Thursday as investors awaited tomorrow’s report on personal consumption expenditures (PCE), the Federal Reserve’s preferred inflation measure. BitTweet data shows that Bitcoin is evenly matched between long and short, with trading prices fluctuating between $60,500 and $62,500. As of press time, the transaction price was $61,458, a 24-hour increase of 0.8%.

Altcoins higher

1. Mog Coin (MOG): up 31%
2. SATS (1000SATS): up 16%
3. Book of Meme (BOME): up 15.6%

Artificial Intelligence Concept Coin Seeds led the decline

1. Fetch.AI (FET): down 13.3%
2. Ocean Protocol (OCEAN): down 11.8%
3. SingularityNET (AGIX): down 11.4%

The overall cryptocurrency market capitalization and Bitcoin market Share

• Overall cryptocurrency market value: $2.29 trillion
• Bitcoin market share: 53%

US stock performance

• S&P Index: up 0.09%
• Dow Jones Index: up 0.09%
• NASDAQ: up 0.30%

Federal Reserve Interest Rate Policy Outlook

• The U.S. personal consumption expenditures price index for May will be released on Friday, with investors expecting the report to show that price pressures have eased.

Biden-Trump Presidential Debate

• Debate Time: 9 PM ET
• The content of the debate could have a significant impact on the cryptocurrency industry.

Spot Bitcoin ETF inflows increase

• On June 25 and 26, the spot Bitcoin ETF recorded net inflows of $31 million and $21.3 million respectively.
• As of June 26, the BTC value under management in these funds was approximately $52.61 billion.

  

  Meanwhile, one of the first US spot Bitcoin ETF issuers, VanEck, which also filed for the first Ethereum ETF in 2021, applied to issue a new Solana ETF.

While industry insiders say the Solana ETF is unlikely to be approved this year, the development highlights the growing acceptance and adoption of Bitcoin and other cryptocurrencies in traditional finance, helping to drive crypto market valuations rise.

Analyst: Bitcoin could return to $50,000

Crypto strategist Benjamin Cowen addressed the possibility of further losses, saying on his podcast that Bitcoin could return amid a possible “summer slump.” to the $50,000 range.

Cowen said:

“There could be a deeper correction back to around $50,000. I do think that is definitely a possibility. The previous cycle, after peaking in 2019, we ended up with a correction of about 50% . Even in 2016, there were some big pullbacks, like 30% and 40%.”

However, Cowen acknowledged that volatility is expected to decrease as the asset class matures. He said:

"You may also see diminishing volatility and the cycle continue as more and more money is needed to drive prices up."

Secure Digital Markets analysts believe that BTC is currently testing Tuesday’s highs, with the next upside target being $65,000, with strong support at the $60,200 level.

Analyst Bloodgood said on the . ”

The adjustment may last for five months

On-chain analysis platform CryptoQuant analyst Axel Adler Jr. talked about how long it will take for the BTC price to correct from its historical high in March, by comparing it with the price trend of the past few years. By comparison, he believes that Bitcoin is replicating the behavior seen at the end of 2019.

he wrote on the X platform. "The current market is very similar to the 2019-2020 adjustment, which is the most likely scenario for this adjustment. The adjustment lasted for 5 months and the maximum decline was 46%."

1. The profit share of BTC in circulation dropped by 18%.

Adler believes that this corresponds to the overall "pessimistic" mood of currency holders.

2. It would take 500,000 BTC ($31 billion) of buying pressure to break the status quo.
3. Market analyst Sage Young is optimistic about the outlook for July.
4. History shows that "Bitcoin price decline in June means double-digit growth in July."
5. BTC has had five underperforming years in June: 2022, 2021, 2020, 2018, and 2013.
6. After falling in June, BTC rose over 9.6% over the next month, sometimes as much as 24%.
7. BTC’s median return in June was -0.49%, while BTC’s median return in July was 9.6%.

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