It really seems like a golden moment for BTC, which yesterday recorded new all-time highs , touching $123,000, after having set five new consecutive highs in a few days, marking a +10% from the low of $109,000.

For analysts, this is a sign that confirms the strength of Bitcoin, which these days is being driven by reasons deeper than a simple speculative rally.

Among other things, today (at 2:30 PM Italian time, ed.) an important figure is expected, the Core CPI, the consumer price index excluding energy and food , a figure that excludes the most volatile components, and is therefore considered very reliable for macroeconomic analysis.

According to Bloomberg , analysts forecast a 0.3% increase, the largest monthly gain in five months. The increase is mainly due to tariffs introduced by Trump, which are starting to weigh on domestic prices.

The chart shows the monthly trend of the Core CPI in the United States (in blue). The Core CPI helps understand how much prices are rising , excluding goods most subject to sudden increases, such as gasoline and food. It is a metric closely followed by the Federal Reserve in deciding whether or not to raise interest rates.

The blue columns represent the monthly percentage change in the Core CPI (MoM = month over month). The red column (June 2025) represents Bloomberg's forecast of +0.3%, the highest reading in five months.

Core inflation is accelerating due to tariffs, as the extra costs of imports are being passed on to end consumers. Unlike other times, this data doesn't seem to worry the market, which is convinced that a rise in consumer prices in the US could become a boost for BTC.

Bitcoin No Longer Fears FUD: Capital Is Shifting to Alternative Assets

Although it's been said for years, something is changing in the perception of Bitcoin, which, despite negative macroeconomic data, closed the week up 12%. More and more investors are starting to view BTC not as a volatile and speculative asset, but as an alternative to use even in difficult times.

The real turning point, according to analysts, came with the "Big Beautiful Bill," the new economic plan signed by Trump in early July. A mix of tariffs, government spending, and campaign slogans that threatens to ruin America's finances. Ambitious, but only on paper, it has already led to a $316 billion deficit in a month.

And the market, as always, responded: 10-year Treasury yields rose to 4.43%, a clear sign that confidence is waning and risk needs to be recalibrated.

Tariffs, inflation, deficit: but why does BTC keep rising?

There's a common thread running through everything happening these days: tariffs, inflation, deficits, a weak dollar. And just follow it to head straight for Bitcoin.

Let's start with tariffs: when the government imposes tariffs on imports, companies end up paying more to purchase goods and raw materials. And those costs are inevitably passed on to consumers. The result? Prices rise, and so does inflation.

With inflation rising, the government finds itself having to pay higher interest on its public debt , as Treasury yields rise. Meanwhile, the economy is slowing, and tax revenues are also declining.

At this point, confidence in the system begins to crumble. The dollar weakens, capital begins to move. And that's where Bitcoin comes in.

Are high interest rates becoming a driver for Bitcoin?

In a “normal” environment, high interest rates would pose a danger to risky assets.

But the crypto market is no longer in a normal phase. The current divergence between rising yields and a constantly rising BTC price suggests a new equilibrium.

Bitcoin may have crossed a major psychological threshold: it's no longer a gamble, but an option.

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