Bitcoin News Today: U.S. Core PCE Jumps to 2.8% Year-Over-Year, Bitcoin Presses Toward $118.8K Resistance

The U.S. core Personal Consumption Expenditures (PCE) index for June rose to 2.8% year-over-year, surpassing both the previous revised figure and market expectations, marking the fastest inflationary pace since February [1]. This development signals a resurgence in inflationary pressures, with headline PCE and personal spending also showing growth. However, the labor market continues to display weakness, and stagnant real income levels raise concerns over a broader economic slowdown. The upcoming jobs report is now under closer scrutiny, as it may provide clarity on the trajectory of hiring momentum and, consequently, the Federal Reserve’s policy direction.

Bitcoin (BTC) is currently approaching the apex of a descending triangle on the daily chart, where key trendline resistance and horizontal support converge [1]. The $118,500–$118,800 range remains a critical short-term resistance level, while $116,300 serves as a strong support. Heatmap data indicates concentrated buy-side liquidations near $117,000, reinforcing the significance of this support level. On the other hand, selling pressure around $120,000 remains pronounced, adding to the uncertainty surrounding the asset’s near-term direction.

Bitunix analysts highlight that the recent increase in PCE introduces new inflation-related uncertainties, especially with anticipation growing around potential tariff announcements from Donald Trump. As BTC nears the apex of its narrowing triangle, a directional breakout appears imminent [1]. Traders are advised to exercise caution and avoid chasing price movements. Instead, waiting for a confirmed breakout above $118,800 or a breakdown below $116,300 is recommended before initiating positions.

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[1] BlockBeats. "Bitunix Analyst: U.S. June PCE Rebounds, Tariff Risk Grows; BTC Presses Toward Triangle Apex, Support Holds at $117K." https://www.theblockbeats.info/en/flash/305460