Bitcoin traders target $137K as US CPI print raises Fed rate cut odds to 94%

Key Points

1. US CPI held steady at 2.7% year-over-year, boosting Fed rate cut odds to 93.9% for September.

2. Core CPI, excluding food and energy, rose 3.1% annually, in line with expectations, while monthly CPI increased 0.2%.

3. Bitcoin surged to $122,190 but dipped to $118,500, with a rebound to $119,500 post-CPI release; a close above $120,000 is seen as key for further upside.

4. Technical analyst Titan of Crypto projects a bullish target of $137,000 based on a descending trendline breakout.

5. Failure to reclaim $120,000 could lead to short-term downside pressure, with immediate support at $117,650–$115,650.