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

Bitcoin traded at $61,000 on July 3 following a worsening United States inflation outlook. Data from Cointelegraph Markets Pro and TradingView indicated BTC price strength slowly recovering from a 2% dip at the daily close. This downturn led to local lows of $60,561 on Bitstamp, erasing gains from the weekend. The mood deteriorated further as Jerome Powell, chair of the U.S. Federal Reserve, spoke about the economy and monetary policy at an event in Portugal. Powell explained that the Fed needed more convincing that conditions were right to lower interest rates, a key move being closely watched by crypto and