The US Consumer Price Index (CPI) rose 3% year-on-year in June, slightly below the market forecast of 3.1%. Analysts say this has had a positive impact on Bitcoin (BTC), but traders are questioning why Bitcoin's price remains below $58,000. 🤔

According to trader and analyst DaanCrypto, Bitcoin's weakness is due to attempts by scalpers and market makers to liquidate long-term positions. However, the trend indicates “continued upside,” which means BTC should recover to $60,000 in the near future.

Despite data indicating a greater likelihood of a rate cut, the price of Bitcoin is still holding below $60,000. Meanwhile, the S&P 500 stock index is 0.5% below its all-time high, and gold is trading 1.2% below its all-time high. at $2,450.

All of these factors explain why Bitcoin has failed to recapture the $60,000 support level despite favorable macroeconomic conditions.