Bitcoin Stalls as Traders Book Profits Amid Jerome Powell Succession Talks

Key Points

1. Bitcoin's price fell to $117,250, down 4.5% from its all-time high, driven by profit-taking amid mixed monetary signals.

2. Exchange inflows spiked by 14,000 BTC, a trend that often precedes price drops, according to CryptoQuant's Julio Moreno.

3. June’s U.S. Consumer Price Index showed a 0.3 percentage point increase in inflation, reducing expectations for near-term rate cuts and pressuring risk-on assets.

4. Short-term Bitcoin holders are averaging a 10% profit, leading to selling pressure as traders lock in gains rather than risk further downside.

5. Despite short-term volatility, analysts suggest a potential dovish shift in Fed policy could benefit crypto markets in the future.