Bitcoin is trading under $63,000 ahead of Thursday’s PCE data release, which analysts say is the market’s next major test. A massive $10.6 billion options expiry is also adding pressure to the market.
The price drop comes amid continued outflows from Bitcoin ETFs, which have seen investors pulling money out for several consecutive sessions. The combination of macro uncertainty and the looming options expiry is creating a tense atmosphere in crypto markets.
Analysts are watching the PCE data closely. It’s the Federal Reserve’s preferred inflation gauge, and any surprise could move risk assets sharply in either direction. A hotter-than-expected reading could reinforce the Fed’s hawkish stance, while a cooler print might give markets some relief.
The $10.6 billion options expiry is another wild card. Large expiry events often bring increased volatility as traders roll positions or let contracts expire. Bitcoin has struggled to build sustained momentum above $65,000 in recent weeks, and the current price action suggests bears are in control for now.
Traders will be watching whether $60,000 holds as support. A break below that psychological level could trigger further selling, while a bounce off current prices might signal that the worst of the selling pressure is behind us.
