Bitcoin Holds $24,000 as USD Hits 3-Week Lows on Eurozone Inflation Report

July inflation estimates for the euro zone are grim at 8.9%, as the US dollar rebounds. Market Update

Bitcoin (BTC) sought to peg $24,000 as support ahead of Wall Street's July 29 open as new inflation data raised concerns for the Euro.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD maintained most of its latest gains after hitting near $24,500 overnight.

The day's macroeconomic action delivered painful news for the European Economic Area (EEA), as the latest inflation estimate for the Euro stood at 8.9% for July - still in up from 8.6% in June

"Looking at the main components of Eurozone inflation, energy is expected to post the highest annual rate in July (39.7%, versus 42.0% in June), followed by food, alcohol and tobacco (9.8%, compared to 8.9% in June), non-energy industrial goods (4.5%, compared to 4.3% in June) and services ( 3.7%, compared to 3.4% in June)", says an accompanying report compiled by Eurostat.

The data provided a curious contrast in some European Union member states, where growth beat expectations despite the highest inflation figures in the euro's history. This led some commentators to suspect that all was not as it seemed.

800 billion euros of spending funds concealing sad realities. https://t.co/31m7ZviKtb

— Tamay Ozgokmen (@TOzgokmen) July 29, 2022

The European dilemma nonetheless supported the US dollar, which had fallen...