US Consumer Price Index (CPI) rose by 3% in June, slightly below the market consensus of 3.1%. Despite this being bullish for Bitcoin (BTC), the cryptocurrency's price remains below $58,000. Analysts attribute this to scalpers and market makers liquidating leveraged longs. However, the trend suggests a bounce back to $60,000 in the near term.

Meanwhile, stocks and gold rallied while Bitcoin stagnated. The Federal Reserve (Fed) is reportedly "one step closer to a September rate cut,” which could incentivize investors to seek higher returns elsewhere. Despite the high odds of rate cuts, Bitcoin’s price remains below $60,000.

Bitcoin's underperformance is attributed to the ongoing sale by the German government of nearly 50,000 BTC, Bitcoin miners selling their holdings due to a 50% cut in block subsidies, and fears of a weak real estate market deterring global economic growth.