Bitcoin (BTC) Under Pressure at $62,000 Ahead of CPI
Bitcoin slipped below $62,000 after previously touching $64,500, with a combination of escalating US-Iran tensions and rising expectations of tighter monetary policy weakening demand for risk assets.
Yesterday, BTC fell 3.3% to $62,049, ETH dropped 2.9% to $1,766, and SOL declined 3.4% to $74.87 as markets sold off on renewed inflation fears triggered by US-Iran hostilities pushing oil prices higher.
Track the Bitcoin price today in real time on Mobee.
June CPI: The Data That Will Determine Where BTC Goes Today
This is the most important event of the day. Monthly CPI for June is expected to slow to 0.2%, down from 0.5% in May. Annual inflation is also projected to fall to 3.8% from 4.2% in the previous month.
Two scenarios to understand going into the release:
If CPI comes in cooler than expected, pressure on the Fed eases and confidence in risk assets could recover. Under this optimistic scenario, Bitcoin could break through $65,000 and open the door toward $80,000.
On the other hand, if inflation remains elevated, Fed Governor Waller has already warned that the central bank could consider raising interest rates in the near term. Following his remarks, the probability of a Fed rate hike in September jumped to 51.6% according to the CME FedWatch Tool. In that scenario, pressure on BTC and the broader crypto market would intensify further.
Warsh's Congressional Debut: Every Word Will Be Scrutinized
Today, Fed Chair Kevin Warsh delivers his first-ever congressional testimony before the House Financial Services Committee as part of the Semi-Annual Monetary Policy Report. This marks his first appearance before Congress as Fed Chair.
A hawkish Warsh delivering a harder tone than expected, combined with a stalled CLARITY Act, would deepen the malaise in an already fragile market. Conversely, a softer lean or a legislative breakthrough could spark the relief rally the market has been waiting for.
CLARITY Act: Trump Urges Senate Following Senator Graham's Passing
President Trump recently urged the Senate to pass the CLARITY Act as a tribute to Senator Lindsey Graham, who passed away on July 11. The bill is expected to receive renewed attention this week as lawmakers continue discussions over its final form.
This political momentum could serve as an unexpected catalyst that accelerates the legislative process. If a new draft circulates this week and receives a constructive response from Senate Democrats, the market impact for crypto — particularly XRP and SOL, which stand to benefit most from regulatory clarity — could be significant.
Ethereum (ETH) and Bitmine in Focus
Amid broader market pressure, Bitmine Immersion Technologies continued adding to its Ethereum holdings — the firm now holds 4.8% of Ethereum's circulating supply, signaling sustained long-term conviction in the world's second-largest crypto asset. Institutional accumulation of this scale during a period of price weakness is a pattern that has historically preceded medium-term recoveries.
What to Watch Today
- 8:30 a.m. ET (20.30 WIB) — June US CPI release. This is the single most critical moment of the day
- 10:00 a.m. ET (22.00 WIB) — Warsh's congressional testimony begins
- $62,000 as BTC's critical support level — a break below opens risk toward $58,000
- Latest CLARITY Act draft developments expected to surface this week
Understanding how US inflation data and Fed policy move crypto prices provides essential context for reading today's price action more accurately.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always conduct your own research before making any investment decisions in the crypto market.
