BTC rebounds to $60K on signs of slowing US inflation

Bitcoin has rebounded to the $60,000 level after dropping to $57,779, following signals of slowing inflation in U.S. economic data and ambiguous remarks from Federal Reserve Governor Kevin Warsh, Decrypt reported. The June ADP private employment figures and the ISM manufacturing index both came in below expectations, easing inflation concerns. However, Warsh did not provide clear guidance on potential interest rate hikes in July or September. According to the outlet, while spot BTC ETFs experienced their worst month on record in June with $4.5 billion in net outflows, the market is showing early signs of bottoming out. This is supported by renewed buying from long-term holders and thickening buy orders on Binance and Coinbase. The future direction of the market is expected to be determined by the results of upcoming U.S. employment data.