Bitcoin (BTC) prices hit a new all-time high of over $123,231 at Coinbase on Wednesday.
The rise to a new high for Bitcoin comes one day after the US CPI print in July held inflation at 2.7% year-on-year. Data showed an overall CPI increase of 0.2% compared to a 0.3% increase in June.
After the release of the report, the CME FedWatch tool showed the market odds of the Federal Reserve’s interest rate cuts, which rose to 93.9% at its September meeting.
Longtime crypto investors have anticipated the implementation of the US President Donald Trump’s economic agenda outlined in one big beautiful bill that will lead to increased spending, inflation and risk exploration in financial markets.
The influx of Bitcoin and etheric spot ETFs also attracted traders’ attention and added to the bullish sentiment that exists across the market. The Farside Investors X account shows that BTC ETF Netflows has reached $65.9 million.
On Tuesday, the ETH ETF saw its first $1 billion inflow and, since Friday, the device still saw its $1.02 billion inflow while Bitcoin ETF Netflows was slowing down. The cumulative impact of ETH’s success clearly raises sentiment across Bitcoin and Altcoin prices.
Clearing heatmap data from High Block shows that bitcoin is pushing short clearing clusters starting from $122,500. Coinglass data suggests that a short position of nearly $2 billion is at risk of liquidation if traders push BTC prices through liquidity clusters ranging from $122,800 to $125,500.
Related: Bitcoin Bulls charge at the highest ever high, as traders say $126K “Pivotal”
Bitcoin’s new high is above $2.45 trillion in market capitalization, but the total crypto market capitalization is currently a record $4.15 trillion.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
