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%. Inflation is 50% above the Fed's target, and rising. Furthermore, core CPI has been above 3% since 2021, yet you are arguing for rate cuts? Are you mad? https://t.co/ry0Lk6bR92 pic.twitter.com/apxiyEdpHS — Gordon Johnson (@GordonJohnson19) August 12, 2025 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 Technical Picture: Resistance in Focus 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. Bitcoin Price Chart – Source: Tradingview Key highlights: Breakout from a descending channel favors bullish continuation. Multiple upper-wick rejections near $120K point to strong seller presence. RSI at 61 shows room for upside without overbought conditions. MACD histogram has turned green with a pending bullish crossover. Candlestick patterns over recent sessions show indecision, hinting at possible consolidation before a decisive move. Bitcoin Trade Setup and Price Scenarios For traders, the technical structure offers two clear plays: Bullish Breakout: Daily close above $123,250 could open upside to $127,000 and $130,000. A stop-loss just below $117,350 helps limit risk. Bearish Reversal: Break below the ascending trendline could target $113,650 and $110,675. For novice traders, the golden rule applies—wait for confirmation. Reacting to a breakout or breakdown, rather than guessing, avoids getting caught in sideways chop. New Presale Bitcoin Hyper ($HYPER) Combines Bitcoin Security With Solana Speed Bitcoin Hyper ($HYPER) is the first Bitcoin-native Layer 2 powered by the Solana Virtual Machine (SVM), built to supercharge the Bitcoin ecosystem with fast, low-cost smart contracts, dApps, and meme coin creation. By merging Bitcoin’s security with Solana’s performance, it unlocks powerful new use cases – all with seamless BTC bridging. The project is audited by Consult and built for scalability, simplicity, and trust. Investor interest is surging, with the presale already surpassing $8.9 million and only a small allocation remaining. HYPER tokens are currently available at just $0.012675, but that price is set to rise soon. You can buy HYPER tokens on the official Bitcoin Hyper website using crypto or a bank card. Click Here to Participate in the Presale The post Bitcoin Price Prediction: Key US Inflation Data Just Dropped – Where is BTC Going Next? appeared first on Cryptonews .
