Bitcoin Price Drops Below $63K as Traders Eye PCE Index

Bitcoin's price dropped to $62,570 on Friday, down 1.3% from the previous day, and is heading steadily closer to new August lows. Despite US stocks reaching all-time highs, Bitcoin failed to follow suit, remaining below $63,000.

Trader and analyst Rekt Capital warned that a weekly close below $63,220 would likely set price up for a breakdown. He noted that the 50-month exponential moving average at $65,827 is back as resistance, copying the 2022 bear market pattern.

The Personal Consumption Expenditures (PCE) index release on August 26 is being closely watched by macro traders, who are looking for clues on inflation and interest rates. The index's last print in July marked its first monthly decline since 2020.