Bitcoin (BTC<\/a>) sought to pin $24,000 as support before the July 29 Wall Street open as fresh inflation data sparked worries for the euro.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD maintaining most of its latest gains after spiking to nearly $24,500 overnight.\u00a0<\/p>\n The day\u2019s macro action delivered painful news for the European Economic Area (EEA), as the latest estimates for euro inflation came in at 8.9% for July \u2014 still climbing from June\u2019s 8.6%.<\/p>\n \u201cLooking at the main components of euro area inflation, energy is expected to have the highest annual rate in July (39.7%, compared with 42.0% in June), followed by food, alcohol & tobacco (9.8%, compared with 8.9% in June), non-energy industrial goods (4.5%, compared with 4.3% in June) and services (3.7%, compared with 3.4% in June),\u201d an accompanying report compiled<\/a> by Eurostat read.<\/p>\n The data provided a curious contrast in some European Union member states, where growth outperformed expectations despite the highest inflation figures in the history of the euro\u2019s existence. This led some commentators to suspect that all was not what it seemed.<\/p>\n 800B Euro spending fund papering over sad realities. https:\/\/t.co\/31m7ZviKtb<\/a><\/p>\n \u2014 Tamay Ozgokmen (@TOzgokmen) July 29, 2022<\/a><\/p><\/blockquote>\n The European Quandary, nonetheless, buoyed the United States dollar, which had been retreating from its latest two-decade highs against a basket of trading partner currencies through July.<\/p>\n The U.S. dollar index (DXY) touched 105.54 on the day, its lowest reading since July 5, before rebounding to near 106 at the time of writing.\u00a0<\/p>\n A key inverse correlation for crypto markets, additional DXY advances could signal fresh pressure on BTC price action.<\/p>\n \u201cDXY just dropped to the previous high now support and seems to be holding. A possible bounce here to 107, 108 before further drop,\u201d popular trading account Mikybull Crypto predicted<\/a> in a fresh Twitter update, adding that this scenario would entail a pullback to $22,800 for BTC\/USD.<\/p>\n —-<\/p>\n In an arguably unexpected bullish turn<\/a>, meanwhile, Arthur Hayes, ex-CEO of derivatives platform BitMEX, implied that a weaker dollar was now imminent.<\/p>\n Related:\u00a0Bitcoin bull run \u2018getting interesting\u2019 as BTC price hits 6-week high<\/a><\/em><\/strong><\/p>\n Following the Federal Reserve\u2019s latest key rate hike<\/a>, Hayes stated that the central bank\u2019s return to accommodative monetary policy and more neutral rates had now begun.<\/p>\n Fed Chair Jerome Powell, he wrote on July 28, would not be increasing hikes any longer, something he called the \u201cPowell pivot.\u201d<\/p>\n The Powell Pivot is here, my body is ready and so is my portfolio. pic.twitter.com\/hlI8lzqLcX<\/a><\/p>\n \u2014 Arthur Hayes (@CryptoHayes) July 28, 2022<\/a><\/p><\/blockquote>\n The theory, as Cointelegraph recently reported, revolves around the Fed having little room left to maneuver<\/a> thanks to rate hikes increasing the likelihood of a deeper recession in the U.S. economy.<\/p>\n The latest GDP data released this week had already placed the U.S. in a technical recession thanks to two straight quarters of negative numbers.<\/p>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/e4440f12-2adb-43ee-90a9-d29d23226aa5.png\")
Eurozone inflation estimate shows no peak<\/h2>\n
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