CPI Report Disappoints: Bitcoin's Path Forward

We've had one piece of bad news after another over the past few days. The July CPI report was released, and while it showed a 1% drop in inflation, the Bitcoin market reacted negatively, dropping over 6%. Investors weren't pleased with the CPI report, and to add to the uncertainty, the U.S. government transferred 10,000 Bitcoin to an unknown wallet. It's unclear whether they plan to sell it gradually or hold it in this unknown Coinbase wallet.

Looking ahead, if things go well, Bitcoin could retest the $57,800 level. If we see a bounce from there, the next resistance is around $60,000. If Bitcoin breaks through that, it could signal an upward trend. I'll keep you guys updated.