Inflation data determines Bitcoin's movement... and the Fed Chairman increases the pressure
👈Jerome Powell's speech weighs on Bitcoin, briefly pushing it to $58,000 before retreating.
👈Powell emphasizes the Federal Reserve's cautious approach, waiting for more data before cutting interest rates.
Bitcoin (BTC) price reacted to Federal Reserve Chairman Jerome Powell's semiannual monetary policy report to the Senate Banking Committee on Tuesday. The headline came ahead of US Consumer Price Index (CPI) inflation data on Thursday, which is expected to be an important market driver this week.
