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Bitcoin Awaits CPI Data as Jerome Powell Signals Caution on Interest Rate Cuts ⛔⛔⛔⛔
Federal Reserve Chair Jerome Powell's testimony to the Senate Banking Committee has sparked a brief reaction in Bitcoin's price, which tested the $58,000 range before retracting to the $57,000 range. Powell emphasized the need for caution and more data before cutting interest rates, citing the importance of achieving sustainable inflation reduction.
The upcoming Consumer Price Index (CPI) data on July 11 is expected to significantly impact Bitcoin's price movement. Analysts predict a decrease in inflation to 3.1%, which could positively influence BTC prices.
Despite the cautious stance, technical indicators suggest Bitcoin is attempting a recovery, with the Relative Strength Index (RSI) showing higher lows and the $54,450 support holding. Analysts like Rekt Capital and Keith Alan remain optimistic about Bitcoin's stability and potential recovery.
DYOR / NFA
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