TechFlow news, July 16, according to Cointelegraph, the U.S. June Consumer Price Index (CPI) fell to 3.5%, lower than the expected 3.8%, marking the largest monthly drop since April 2020, with Bitcoin (BTC) price rebounding accordingly to break through the $64,000 mark. The energy index's 5.7% decline became the main driving factor for the CPI drop, risk assets generally rose, and market expectations for the Federal Reserve's monetary policy turned dovish.
However, traders remain cautious about whether Bitcoin can effectively break through the $64,000 resistance level. Market analysis shows that short positions were squeezed after the CPI data release, with 24-hour crypto market short liquidation volume exceeding $220 million. Some traders pointed out that if Bitcoin fails to hold above the weekly opening price, it may form a secondary high and then fall back to test the $60,000 region.
