Bitcoin On The Brink As Crypto Braces For Fed Price Bombshell

Key Points

1. Bitcoin's price neared its all-time high of $123,000 but retreated despite a $12.2 trillion crypto-related announcement from former U.S. president Donald Trump.

2. The Federal Reserve's stance on interest rates is a key factor influencing Bitcoin's price, with traders awaiting the July CPI report, expected to show a 2.8% year-on-year inflation rise.

3. Market analysts predict Bitcoin could experience a rally if the Fed cuts rates in September, though short-term trading may remain range-bound.

4. The bitcoin price lost nearly 3% of its early-day 3.5% jump to $119,000, attributed to market uncertainty and inflation concerns.

5. A potential Fed rate cut in September could reignite a crypto rally, possibly pushing Bitcoin above its all-time high.