Bitcoin Hits $61,000 as Inflation Concerns and Fed Caution Loom

Bitcoin traded at $61,000 on July 3 amid worsening United States inflation concerns.

BTC price showed resilience after a 2% dip, reaching local lows of $60,561 on Bitstamp following a weekend of gains.

Federal Reserve Chair Jerome Powell's cautious remarks on economic conditions and interest rates dampened market sentiment.

The Fed's cautious stance slightly reduced expectations of a rate cut at the upcoming September meeting, with odds around 65% according to CME Group’s FedWatch Tool.

Bitcoin returned to familiar price ranges, with market watchers noting manipulative liquidity moves and spot demand around $60,000 on Binance.

Concerns persisted over Bitcoin’s price action amid ongoing miner capitulation, which has not yet been fully reflected in market prices, according to Charles Edwards of Capriole Investments. $Bitcoin(BTC.CC)$ $Dogecoin(DOGE.CC)$ $Ethereum(ETH.CC)$ $Coinbase(COIN.US)$ $MicroStrategy(MSTR.US)$