Bitcoin is trading at $119,745, up 1.02% in the past 24 hours, as traders digest fresh U.S. inflation data. July’s Consumer Price Index (CPI) rose 0.2%, matching expectations, while annual inflation held at 2.7%. Core CPI — excluding food and energy — climbed 0.3%, the largest monthly gain since January, pushing the year-on-year figure to 3.1% from June’s 2.9%.
The report reinforces expectations for a September rate cut by the Federal Reserve, following weak jobs data and downward revisions to prior nonfarm payrolls. The Fed’s benchmark rate remains at 4.25%-4.50%, unchanged for five straight meetings.
However, data quality concerns have emerged. The Bureau of Labor Statistics (BLS) suspended CPI data collection in some cities due to budget constraints, increasing reliance on imputation for missing prices, now 35% of June’s data, up from 30% in May. President Trump’s removal of BLS chief Erika McEntarfer this month added political weight to the issue.
Bitcoin’s daily chart is showing price heading towards a significant resistance level between $117,335 (23.6% Fibonacci retracement) and $123,250 (swing high).
A clear ascending trendline from July lows signals sustained higher lows, supported by the 50-day SMA at $114,396.
Key highlights:
Candlestick patterns over recent sessions show indecision, hinting at possible consolidation before a decisive move.
For traders, the technical structure offers two clear plays:
For novice traders, the golden rule applies — wait for confirmation. Reacting to a breakout or breakdown, rather than guessing, avoids getting caught in sideways chop.
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