Bitcoin’s $70K path now runs through pump prices as Iran shock fades
The post Bitcoin’s $70K path now runs through pump prices as Iran shock fades appeared on BitcoinEthereumNews.com. Bitcoin cleared $60,000 again the week the Bureau of Labor Statistics reported June payrolls grew by just 57,000, unemployment climbed to 4.2%, and labor-force participation slipped to 61.5%. The dollar index dropped 0.56% to 100.83, September Fed-hike odds fell to 54% from 67%, and Bitcoin is trying to breach $64,000 as of June 6. Stephen Coltman, head of macro at 21Shares, watched the same reversal play out across precious metals, the dollar, and Bitcoin in a single session. The caveat is that the move only becomes durable once the Fed admits policy is already tight enough to bring inflation back to 2% without another hike, according to Coltman. That’s a taller order than one soft jobs report, and it’s the bar Bitcoin has to clear before the BLS puts out June’s CPI number on July 14. A six-step flowchart traces Bitcoin’s macro chain into July CPI, from weak jobs and Fed-