Bitcoin’s price reached $61,000 on July 3 due to concerns over the United States’ inflation outlook. The BTC/USD 1-hour chart showed a slow recovery in price after a 2% dip, but it couldn’t erase the local lows of $60,561 on Bitstamp. The negative sentiment continued as Jerome Powell, chair of the U.S. Federal Reserve, expressed the need for more evidence before considering a rate cut. This uncertainty affected the crypto and risk asset markets. The odds of a rate cut at the September meeting of the Federal Open Market Committee (FOMC) slightly decreased to around 65%. Despite this, Bitcoin market participants were frustrated as BTC/USD returned to the bottom of its range. Traders noted manipulatory liquidity moves on exchanges and the filling of the latest CME futures gap. Charles Edwards, founder of Capriole Investments, expressed concern over the ongoing capitulation phase among miners, stating that the price has not reflected this yet. As always, readers should conduct their own research before making any investment decisions.
Bitcoin surrenders recent gains from late June after being warned that holding at 60K is merely lucky