#MarketTurbulence Bitcoin loses momentum after its all-time high: what's next?$BTC
#HotJulyPPI The price of Bitcoin reached a new all-time high of $124,457 on August 14, but subsequently corrected sharply to levels as low as $117,200.
At the time of writing, BTC is trading at $118,300, with daily losses of 0.1%, weekly losses of 1.5%, and monthly losses of 0.1%. Although the largest cryptocurrency has bounced back a bit after the fall, it remains below the key level of $120,000.
What is behind the current drop in the price of BTC?.
Initially, some media attributed the drop in BTC to the inflation data in the United States. In July, the Producer Price Index rose by 3.3% year-on-year, above expectations, leading many traders to reduce their risk exposure.
This data is relevant, as investors closely monitor U.S. inflation figures, which could influence the anticipated interest rate cuts in September.