Bitcoin (BTC) traded at $61,000 on July 3 following a worsened inflation outlook in the US. The cryptocurrency's price strength is slowly recovering from a 2% dip. The mood was further dampened by Jerome Powell, Chair of the U.S. Federal Reserve, who stated that the Fed needs more convincing that conditions are right to lower interest rates. Markets slightly lessened the odds of a rate cut coming at the September meeting of the Fed’s Federal Open Market Committee (FOMC), with these still standing at around 65%. Bitcoin market participants watched as BTC/USD returned to the bottom of a familiar range.