Crypto slips as April PCE cools rate-cut hopes; Worldcoin falls 11%

Crypto assets fell 0.42% after the personal consumption expenditures price index for April matched forecasts at 3.8% year-over-year. The inflation reading reduced expectations for near-term Federal Reserve rate cuts and pushed total crypto market capitalization to $2.44 trillion, a decline of $10.24 billion.

Trading was subdued as month-end liquidity overlapped with the approaching weekend. Bitcoin traded near $73,196, essentially flat on the day, with selling pressure showing signs of weakening and trading volume remaining light.

Large-cap altcoins underperformed, led by Worldcoin, which fell 11% on profit-taking. WLD is up about 13% for the month but tested its 50-day exponential moving average after briefly dipping below the 20-day EMA at $0.2851 and the 50-day EMA at $0.2823. A daily close below $0.2742 would expose a move toward $0.2256; reclaiming $0.3185 would open targets near $0.3902 and $0.4619.

The broader market stalled near $2.41 trillion, a level coinciding with the 0.618 Fibonacci retracement. If that level holds on a daily close, market cap could target $2.47 trillion and higher. A clear breakdown below $2.41 trillion would open the path toward $2.33 trillion.

On Bitcoin charts, a hidden bullish divergence between March 29 and May 28 appeared when price made a higher low while the Relative Strength Index made a lower low. Bitcoin needs to remain above $71,721, the 0.618 Fibonacci level, to keep the recovery intact. Reclaiming $73,832 on a daily close would target $75,943, $78,555 and $82,776. A drop below $71,721 would expose $68,716.

An infrastructure incident on Hyperliquid saw the SPACEX-USDH perpetual contract plunge about 45% in roughly 30 minutes after an oracle data error, resulting in liquidations for 405 users.

Separately, CME Group began offering 24/7 Bitcoin futures and options trading on Friday, with a 60-minute maintenance window on Sundays, ending the long-standing weekend gap between CME futures and spot trading.

Low liquidity is expected through the weekend and into the start of the next month, and market participants will monitor whether key technical levels hold when regular flows return.