🚨 Bitcoin Pullback After Hot Inflation Data 🚨
Bitcoin dropped from its recent ATH near $123.4K to around $117.4K after U.S. Producer Price Index (PPI) came in hot at 3.3%, smashing forecasts of 2.5%. The data rattled both stocks and crypto as traders dialed back expectations of a Fed rate cut in September — odds fell from 99.8% to 90.5%.
Analysts warn of a double-top pattern and RSI divergence, hinting BTC could see short-term consolidation or deeper pullback after its recent 11% rally.
📊 Bottom line: Hot inflation = less dovish Fed = short-term pressure on BTC.
Source: Cointelegraph
