Bitcoin rebounds to $64k, as the US CPI hits the lowest level since 2020

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Deep Tide TechFlow news, on July 16, according to Cointelegraph, the US June Consumer Price Index (CPI) fell to 3.5%, below the expected 3.8%, marking the largest monthly drop since April 2020. The price of Bitcoin (BTC) rebounded and broke through the $64k level. The energy index fell 5.7%, becoming the main driver of the CPI decline. Risk assets rose across the board, and market expectations for the Federal Reserve’s monetary policy shifted toward a more dovish stance.

However, traders remain cautious about whether Bitcoin can break through the $64k resistance level effectively. Market analysis shows that after the CPI data was released, short positions were squeezed, with the total size of 24-hour crypto market short liquidations exceeding $220 million. One trader noted that if Bitcoin cannot hold above the weekly opening price, it may form a lower high and then pull back to test the $60k area.

BTC-0.37%
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