Bitcoin price ignores PCE inflation as bears eat through $109K support

Bitcoin's price continues to decline, dipping below the critical $109,000 support level, as bears target this mark during the last Wall Street open of the week. Despite recent US PCE inflation data aligning with expectations, crypto traders remain cautious, with significant selling pressure noted. Bitcoin is now facing potential new lows for September, with liquidity levels clustering around $108,200. The price has prompted a spike in long liquidations in futures trading, indicating a broader deleveraging event. Comments from market participants suggest that if the support at $109,000 fails, Bitcoin could retrace to the $101,000 support level. The PCE inflation rate has hit a seven-month high at 2.7%, but analysts suggest that the Federal Reserve may proceed with rate cuts, which adds complexity to the market outlook.

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