Analysis: BTC's upward trend cools due to profit-taking before the release of key inflation data in the U.S.
Analysis suggests that after Bitcoin's price soared from $108,000 to $122,000, it fell below $117,000 as investors appeared to be taking profits ahead of the release of the U.S. CPI data for June. Analysts from Bitfinex and Nansen warned that inflation higher than expected could delay possible interest rate cuts and prolong the cryptocurrency's pullback. Additionally, the market currently seems to be preparing for the CPI data in June, which may affect expectations for interest rate cuts this year.
