Bitcoin relinquishes late June advances following caution that maintaining 60K is a stroke of luck

Bitcoin experienced a trading value of $61,000 on July 3 following a deterioration in the United States inflation outlook. The BTC/USD 1-hour chart displayed a slow recovery in BTC prices after a 2% drop at the daily close. This decline caused local lows of $60,561 on Bitstamp, eliminating gains made over the weekend. The situation worsened as Jerome Powell, the chair of the U.S. Federal Reserve, delivered a speech on the economy and monetary policy in Portugal. Powell stated that the Fed required more convincing evidence that conditions were suitable for lowering interest rates, a move closely observed by cryptocurrency and risk asset enthusiasts. The odds of a rate cut at the September meeting of the Fed’s Federal Open Market Committee (FOMC) decreased slightly, but still stood at around 65% according to data from CME Group’s FedWatch Tool. Bitcoin market participants were frustrated as BTC/USD returned to the lower end of its trading range. Traders noted manipulatory liquidity moves on exchanges through order “spoofing,” which provided temporary overhead resistance. Spot demand on Binance, the largest global exchange, was at $60,000 and lower. Additionally, Bitcoin filled the latest gap in CME futures, which emerged during the weekend’s price increase. Some experts expressed concern over the BTC price action, as it had not yet reflected the ongoing capitulation phase among miners. Charles Edwards, the founder of Capriole Investments, a quantitative Bitcoin and digital asset fund, warned followers that the price had not yet accounted for the onchain obliteration reported by Cointelegraph. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.