On July 3, Bitcoin (BTC) traded at $61,000 after the United States' inflation outlook worsened. BTC price is slowly recovering from a 2% decline at the daily close, according to data from Cointelegraph Markets Pro and TradingView.

The situation worsened after US Federal Reserve Chairman Jerome Powell gave a speech on economics and monetary policy at an event in Portugal. Powell explained that the Fed needs to be more convinced that conditions are right to lower interest rates.

Markets have slightly discounted the odds of a rate cut at the Fed's Federal Open Market Committee (FOMC) meeting in September, with the odds hovering around 65% at the time of writing.

Bitcoin market participants were disappointed as they watched BTC/USD return below a customary range. Spot demand on Binance was $60,000 "and below."

Charles Edwards, founder of Capriole Investments, stated that the recent BTC price movement is worrying. Edwards argued that markets have not yet come to terms with the ongoing phase of capitulation among miners.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions. What are your thoughts? We are waiting your comments.#Bitcoin#Blockchain #Cryptocurrency