Bitcoin (CRYPTO:BTC) briefly hit $58,000 following Federal Reserve Chair Jerome Powell's speech, which emphasised the need for more data before cutting interest rates.

Powell's cautious approach highlighted the importance of seeing inflation sustainably move towards the 2% target.

The upcoming US Consumer Price Index (CPI) data on July 11 is anticipated to be a significant market mover for Bitcoin.

Despite the recent price bump, Bitcoin retracted to around $57,000, with investors remaining cautious.

Analysts suggest that Bitcoin may recover if it can hold above the $54,450 support level, especially with a positive CPI report.