Bitcoin prices have slipped as traders increase bets on a July Federal Reserve rate hike, driven by rising inflation concerns. West Texas Intermediate crude futures have surged to nearly $80 a barrel, up from $67 at the start of the month, heightening inflation fears. Investors are closely watching the upcoming release of the June consumer-price index (CPI) by the Labor Department, expected to show a decline in both headline and core inflation rates. However, the recent oil price surge may overshadow these figures, raising questions about the Fed's future actions. Attention will also be on Mr. Warsh's testimony, where any hints on rate adjustments will be scrutinized. Analysts suggest that despite pressure, the Fed may opt to maintain current rates, with potential for future rate cuts.