Bitcoin Relinquishes Late June Advances as Experts Caution 60K Stability is Fortuitous

Bitcoin’s price reached $61,000 on July 3 as concerns over United States inflation grew. The BTC/USD 1-hour chart showed a slow recovery in price after a 2% dip at the daily close. However, the gains from the weekend were erased as the price hit local lows of $60,561 on Bitstamp. The market sentiment worsened as Jerome Powell, chair of the U.S. Federal Reserve, expressed the need for more convincing evidence before considering a cut in interest rates. This news had an impact on crypto and risk asset bulls who were closely monitoring the situation. Market data from CME Group’s FedWatch Tool showed that the odds of a rate cut at the September meeting of the Fed’s Federal Open Market Committee (FOMC) slightly decreased to around 65%. Bitcoin market participants were frustrated as BTC/USD returned to the bottom of its range. There were reports of manipulatory liquidity moves on exchanges via order “spoofing,” which created overhead resistance. Spot demand on Binance, the largest global exchange, was at $60,000 and lower. Bitcoin also filled the latest gap in CME futures that appeared over the weekend. Charles Edwards, founder of Capriole Investments, expressed concern over the ongoing capitulation phase among miners, noting that the price had not yet reflected this onchain obliteration. 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.