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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-suffers-sharp-decline" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Suffers Sharp Decline</a><br></p>
<p style="text-align: justify">Bitcoin’s price plummeted to $61,000 on July 3, following a deteriorating US inflation outlook. TradingView <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> indicated that Bitcoin’s price began a slow recovery after a daily 2% drop, but the situation worsened, reaching local lows of $60,561 on centralized exchanges, erasing weekend gains.</p>
<h2 id="fed-chairman-powell-s-remarks">Fed Chairman Powell’s Remarks</h2>
<p style="text-align: justify">US Federal Reserve Chairman Jerome Powell, speaking at a Portugal event, suggested that the Fed needed more evidence to justify lowering interest rates—a critical move for crypto and risk asset enthusiasts. Powell stated, “We want to understand that the levels we see are a real reading of what is truly at the core of inflation.”</p>
<p style="text-align: justify">Markets slightly reduced the odds of a rate cut at the Federal Open Market Committee’s (FOMC) September meeting; CME Group’s FedWatch Tool showed a 65% probability at the time of writing.</p>
<h2 id="bitcoin-market-observations">Bitcoin Market Observations</h2>
<p style="text-align: justify">Bitcoin market participants were disappointed as the BTC/USD pair dipped to familiar lower ranges. Popular trader Skew pointed out manipulative liquidity movements on exchanges through order spoofing, indicating volatile <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a>.</p>
<p style="text-align: justify">Spot demand on <a href="https://en.bitcoinhaber.net/binance-margin-introduces-five-altcoins-and-fresh-trading-pairs-to-platform" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>, the largest global exchange, was around $60,000 and below during the day. Observers also noted that Bitcoin filled the latest gap created by the weekend rise in CME futures.</p>
<h2 id="insights-and-implications">Insights and Implications</h2>
<p style="text-align: justify">– Bitcoin’s volatility is heavily influenced by macroeconomic factors and regulatory comments.<br> – Manipulative trading tactics, such as order spoofing, continue to impact market stability.<br> – Investors should be cautious of short-term price movements and look for long-term trends.</p>
<p style="text-align: justify">Charles Edwards, founder of Capriole Investments, expressed concern about the recent Bitcoin price movement. He emphasized that the market struggles to reconcile with the ongoing miner capitulation phase, warning, “This doesn’t have to happen, time heals all wounds, but Bitcoin is not patient. Either we are lucky, and the price consolidates between $60,000 and $70,000 within two months, or we will face a healthy overdue correction.”</p>
<p style="text-align: justify">In conclusion, Bitcoin’s recent price decline underscores the complexities of the market, influenced by external economic conditions and internal market dynamics. Caution and strategic patience remain crucial for investors navigating this volatile landscape.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-suffers-sharp-decline" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Suffers Sharp Decline</a></h5>

Bitcoin Suffers Sharp Decline

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