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

Key points:

• Bitcoin sellers attempt to break support at $109,000 at the week’s final Wall Street open.
• BTC price action can head toward $100,000 as a result, despite a large “deleveraging” event.
• US PCE inflation offers no relief for crypto bulls.

Bitcoin (BTC) threatened new September lows at Friday’s Wall Street open as US inflation data failed to buoy bulls.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Liquidity stacks up as Bitcoin price falls further

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD risked a breakdown below $109,000.

Exchange order-book liquidity remained thick on either side of the spot price, providing both upside and downside “magnets” for momentum.

On the largest global exchange, Binance, bids were clustered around $108,200, with short liquidations due at $110,000 and up, per data from CoinGlass.

Binance BTC/USDT liquidation heatmap (screenshot). Source: CoinGlass

“Bitcoin futures saw another wave of long liquidations as price moved below $111k,” onchain analytics platform Glassnode summarized in a post on X.

“This flush of leverage reflects a broad deleveraging event, often resetting market positioning and easing the risk of further cascades.”

Bitcoin futures long liquidations. Source: Glassnode/X

Still, traders remained risk-averse, with BTC price targets toward $100,000 becoming more popular.

“$BTC is hovering just above its support level,” one market take from crypto investor and entrepreneur Ted Pillows read on the day.

“If this level holds, Bitcoin could rally towards $112,000. In case of a breakdown, BTC will retest $101,000 support region before reversal.”

BTC/USDT one-day chart. Source: Ted Pillows/X

PCE data preserves Fed rate-cut bets

Macroeconomic events had little perceptible impact on the crypto market trajectory.

Related: Bitcoin sees most fear since $83K as analysis eyes ‘turning point’

The Personal Consumption Expenditures (PCE) index, known as the US Federal Reserve’s “preferred” inflation gauge, arrived in line with expectations at 2.7%.

US PCE index % change (screenshot). Source: US Bureau of Economic Analysis

Reacting, trading resource The Kobeissi Letter concluded that while PCE was at seven-month highs, the Fed would press ahead with the interest-rate cuts sorely wanted by crypto and risk-asset traders.

“PCE inflation is at its highest since February 2025. Yet, the Fed will keep cutting rates,” it told X followers.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.