Bitcoin Reclaims $60,000 on Cooling US Inflation Signals, Showing Early Signs of Bottoming
Summary
- Bitcoin rebounded from the $57,000 range and reclaimed $60,000 as signs of easing US inflation concerns supported the market.
- Spot Bitcoin ETFs suffered their worst month in June with $4.5 billion in net outflows, but the report said early signs of bottoming were emerging as long-term holders bought again and buy orders on Binance and Coinbase thickened.
- The report said the market's next direction will depend on upcoming US employment data, while the Fed's stance on possible July and September rate hikes remains unclear.
Forecast Trend Report by Period
Bitcoin rebounded from the $57,000 range and climbed back above $60,000 as signs of cooling US inflation lifted sentiment, Decrypt reported.
Decrypt reported on July 1 that Bitcoin fell as low as $57,779 after June US ADP private payrolls and the ISM manufacturing index both came in below expectations, easing inflation concerns. It later rebounded to the $60,000 level.
Kevin Warsh, identified in the report as Federal Reserve chair, did not offer a clear view on whether interest rates would be raised in July or September.
Decrypt said spot Bitcoin ETFs recorded $4.5 billion in net outflows in June, their worst month on record. Still, the outlet said early signs of a bottoming process were emerging as long-term holders resumed buying and buy orders on Binance and Coinbase thickened.
The report added that the market's next move will depend on upcoming US employment data.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.