In June, the U.S. inflation rate, as measured by the Consumer Price Index (CPI), decreased to 3.0% year-over-year, down from 4.0% in May, according to the Bureau of Labor Statistics (BLS). The monthly CPI increased by 0.2% in June, compared to 0.1% in May, but fell short of expectations for 0.3%.

Bitcoin's energy efficiency has long been a concern due to the high energy consumption of mining activities. However, a new report by Coinmetrics shows that Bitcoin's energy efficiency has improved significantly in the past five years. The report also reveals that three mining rig models, including Antminer S19j Pro, Antminer S19 XP, and Antminer A19, account for 76% of the Bitcoin network's computing power. Additionally, the report notes that Bitcoin miners are increasingly turning to renewable energy sources, with 74.1% of Bitcoin mining power coming from renewable energy, according to a study by CoinShares.

Jack Dorsey, co-founder and former CEO of Twitter, has shifted his focus to the crypto world, specifically Bitcoin. He is also the CEO of Block (formerly Square), which recently integrated a crypto wallet within its Cash App and is now developing a new special hardware for mining Bitcoin.

According to analyst Bluntz, who accurately predicted Bitcoin's 2018 bear market bottom, the cryptocurrency appears to have formed a bearish lower high setup on the four-hour chart, indicating a loss of momentum and a potential ABC correction that could send Bitcoin below $28,000.

Bitcoin's Bollinger Bands, a technical analysis indicator, have tightened to the narrowest point since early January, indicating a potential volatility explosion. Traders are preparing for a big move and usually trade in the direction in which prices breach the band.

Bitcoin has been consolidating around the $30,500 level throughout July, indicating a possibility of an imminent breakout. On-chain data from Santiment suggests that the breakout could be in the upward direction, as the Net Realized Profit/Loss (NRPL) indicator is negative in relation to the price.

Bitcoin's value is currently above $30,000 as the crypto market consolidates. The release of the US Consumer Price Index (CPI) will guide the Federal Reserve's next move, but analysts are divided on how Bitcoin will react to the expected 3% inflation rate. If Bitcoin surpasses the rectangle resistance, there is potential for a bullish breakout to $33,000.

Bitcoin's value has increased by 91% since its November 2022 price lows, and on-chain metrics suggest that the market is trending towards a period of re-accumulation. Glassnode's report found that the peak drawdown in 2023 has been shallow compared to previous cycles, indicating a strong degree of demand for the asset.

Bitcoin's price has risen above the $30,500 level and is showing signs of moving towards the $31,000 resistance zone. The cryptocurrency is trading above $30,400 and the 100 hourly Simple moving average, with a bullish trend line forming near $30,500 on the hourly chart of the BTC/USD pair.

Bitcoin's unmoved supply, which refers to the amount of BTC that hasn't been transferred in over a year, has reached an all-time high.