Bitcoin rebounds from $33K-support as US dollar inflation comes back into focus

Bitcoin rebounds from $33K-support as US dollar inflation comes back into focus


Bitcoin (BTC) prices steadied on Tuesday after closing the previous session at a 3.41% loss, supported by a weakening dollar sentiment ahead of a key United States’ inflation report due later today.

Spot BTC/USD exchange rate rose by a modest 1.31% to $33,096 after bottoming out on Monday at $32,996 on Coinbase exchange. The CME Bitcoin Futures was up 1.64% from its previous session’s low of $32,600.

Bitcoin Futures reclaimed the $33,000-support after briefly flipping it late Monday. Source: TradingView

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Meanwhile, the US dollar index was down about 0.03% ahead of the London opening bell. The index represents the greenback’s strength against a basket of top foreign currencies.

Inflation data awaited

Bitcoin and the dollar moved inversely in the week of key inflation reports and a crucial congressional testimony from the Federal Reserve Chairman Jerome Powell.

On Tuesday, the US Consumer-Price Index (CPI) expects to post another significant spike in June, highlighting a run-up in inflation as the economy attempts to recover from the coronavirus

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