#BTC

The expectations for a Federal Reserve interest rate cut have diminished, and profit-taking has driven Bitcoin to continue its adjustment.

Bitcoin has seen a slight rebound, but overall it remains at a low level, having dropped to a two-and-a-half-week low the previous night. LMAX Group strategist Joel Kruger stated in a report that since reaching an all-time high last week, Bitcoin has been in an 'adjustment mode.' He noted that this has been mainly influenced by U.S. wholesale inflation data being higher than expected, weakening market expectations for a Federal Reserve rate cut. Kruger also mentioned that part of the sell-off may be related to profit-taking by short-term accounts, and it may also be connected to recent statements by the U.S. Treasury Secretary, specifically that strategic Bitcoin reserves will not be expanded through new purchases.