Bitcoin Soars Past $124K, Faces Resistance as Inflation Data Dampens Rate Cut Hopes

Bitcoin reached a new all-time high of $124,496 before retracing, while investors await clarity on the Fed’s next move following hot U.S. inflation data. The cryptocurrency market is now observing support near $113,796 after a 33% year-to-date gain and nearly 120% growth in the past year. BitBull believes a close above $120K will confirm the uptrend and potentially drive Bitcoin to $130K-$135K by the end of Q3. However, hotter-than-expected PPI data raises concerns about the possibility of a September Fed rate cut. This increase in inflation could lead to higher bond yields and a stronger dollar, posing potential challenges for risk assets like Bitcoin.