The post Bitcoin Faces Unseen Forces: Why BTC Stuck Below $58K? appeared first on Coinpedia Fintech News
Bitcoin’s price has been stuck below $58,000 for a long time. Despite being in a bull market, Bitcoin isn’t moving up, and both market and non-market factors are to blame.
Impact of US CPI
The US Consumer Price Index (CPI) rose by 3% in June. Analysts see this as a bullish signal for Bitcoin, but the price isn’t rising. If the US central bank cuts interest rates, incentives for fixed-income investments will drop, and people will look for investments with higher returns.
Chris Larkin, managing director of trading and investing at E-Trade, told CNBC that the Federal Reserve (Fed) is “one step closer to a September rate cut,” especially after real average hourly earnings for workers slowed by 3.9% from the prior year.
The labor force participation rate also increased slightly, from 62.5% in May to 62.6% in June. Despite the data pointing to higher odds of rate cu
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