The price of Bitcoin (BTC) surged past the $114,700 level after the release of U.S. consumer price index data, exceeding expectations and fueling optimism among traders. However, analysts remain divided on BTC’s next move. The CPI report showed inflation remained high at 0.4%, a record since January, but employment data was surprisingly strong with jobless claims at 263,000, the lowest level since October 2021. This has led to increased expectations of a Fed rate cut on September 17th and prompted market pricing in 75 basis points of cuts by year-end according to CME FedWatch. Bitcoin briefly hit its highest point since August 24th at $114,731 before settling back down. Despite the bullish sentiment, some analysts remain cautious. Trader Skew pointed out a potential long squeeze driven by liquidity on exchange order books, while investor Ted Pillows highlighted past instances where Bitcoin reacted to CPI data with a pump-and-dump cycle. The upcoming Fed decision may be key in determining Bitcoin’s trajectory, potentially leading to a decisive breakout or a retracement.