BTC faces key test with US May PCE data

Bitcoin has established a support level at $59,000, but its next move could hinge on the U.S. May Personal Consumption Expenditures (PCE) data set to be released today, CoinDesk reported. According to the analysis, a higher-than-expected PCE reading could revive inflation concerns, increasing the chances of a Federal Reserve rate hike. This scenario would likely lead to a stronger U.S. dollar, creating a headwind for the cryptocurrency market. Conversely, if the data comes in below expectations, inflation fears would likely subside, potentially allowing BTC to rebound from the $59,000 support level.