According to Cointelegraph, the June CPI data shows rising inflation, reducing expectations for interest rate cuts in July. The price of Bitcoin rose from $16,500 to $118,400 due to the CPI data, and it needs to return to the range of $119,250-$120,700 to confirm the upward trend.
The annual CPI rate reached 2.7%, with the core CPI annual rate at 2.9%. Market reactions are cautious, and the dollar index rose to 98.5. If the PPI data is below expectations, Bitcoin may return above $120,000; otherwise, it may pull back to the range of $115,000-$110,000.
Bitcoin may pull back to the range of $113,700-$115,300 in the short term, and if it breaks below, it may test $112,000. In the long term, Bitcoin's decline is viewed as a buying opportunity, and investors expect it to fluctuate between $116,000-$118,000.
