Crypto dips as April PCE cools rate-cut bets; Worldcoin slides

Crypto total market capitalization fell 0.42% to $2.44 trillion, a drop of about $10.24 billion after April personal consumption expenditures inflation matched the 3.8% year-over-year forecast. Rate-cut odds for the Federal Reserve fell below 1.1% on the data. Bitcoin traded near $73,196 while Worldcoin fell about 11% in 24 hours. CME Group began offering near-24-hour Bitcoin futures and options trading with a 60-minute Sunday maintenance pause.

April PCE rose 3.8% on an annual basis, the highest reading since May 2023. The print reduced market expectations for near-term interest-rate cuts and coincided with muted crypto trading as month-end overlapped with a weekend, a period of lower liquidity.

The total market cap has stalled just above a support level at about $2.41 trillion, a level traders follow using Fibonacci retracement. Traders note a daily close above $2.41 trillion would leave targets at roughly $2.47 trillion, $2.53 trillion and $2.60 trillion, while a close below $2.41 trillion would expose a path to about $2.33 trillion.

Bitcoin changed hands near $73,196 and was mostly flat over 24 hours, roughly 0.86% higher than the prior day’s low. On daily charts, Bitcoin made a higher low between March 29 and May 28 while the Relative Strength Index posted a lower low, a pattern some traders identify as hidden bullish divergence. Market participants track a 0.618 Fibonacci level at $71,721 as a key support. A daily close above $73,832 is followed by technical targets near $75,943, $78,555 and $82,776; failure below $71,721 would point to a lower reference at about $68,716.

CME Group moved Bitcoin futures and options to near-round-the-clock trading, shortening the weekend gap between futures and spot markets. The change ends the long-standing market pause that previously created a so-called “CME gap” from weekend closures.

Worldcoin led large-cap losses, sliding about 11% in 24 hours. Traders attributed the drop to profit taking after earlier gains. The token still shows roughly 13% gains for the month. Price action tested the 20-day and 50-day exponential moving averages, which stood near $0.2851 and $0.2823. Market watchers identify $0.2742 as a short-term threshold: staying above it preserves upside scenarios, while a daily close below that level would place $0.2256 as the next technical reference. Regaining momentum would require reclaiming both EMAs and clearing $0.3185, with subsequent targets at $0.3902 and $0.4619.

On the derivatives side, a perpetual contract tied to SPACEX-USDH on the Hyperliquid platform plunged about 45% in roughly 30 minutes after an oracle data error. The price move triggered liquidations for 405 users and highlighted operational risk in decentralized trading systems.

Technical indicators and trader watchlists placed emphasis on liquidity and key support levels as the market entered the month-end and weekend low-volume window. Market participants are watching for renewed volume and fresh catalysts when trading activity normalizes next month.