Powell, tariffs, and BTC: The perfect storm for Bitcoin’s next big move?

Key Points

1. Bitcoin's price is influenced by liquidity clustering around $123k and $112k-$115k, with macro catalysts and fiscal easing playing key roles.

2. Fed Chair Powell's upcoming FOMC meeting and June's CPI data (2.7% YoY, a four-month high) are critical factors affecting market sentiment.

3. The market is pricing in a 97.4% chance the Fed will hold rates at 425-450 bps, with little expectation of a rate cut, impacting Bitcoin's potential movement.

4. Recent tariff rollbacks and positive Coinbase Premium Index trends have supported Bitcoin's price, leading to three consecutive green monthlies and a breakout to $123k.

5. Sticky CPI and fiscal easing create a setup favoring a potential squeeze, with $9.5 billion in shorts parked at $123k, positioning Bitcoin for possible price discovery.