Analysis: BTC rally cools down due to profit taking before key US inflation data is released

Odaily Planet Daily reported that after soaring from $108000 to $122000, the price of Bitcoin fell below $117000 due to investors seemingly taking profits before the release of the June CPI data in the United States. Bitfinex and Nansen analysts warned that higher than expected inflation may delay possible interest rate cuts and prolong the cryptocurrency's correction. In addition, the market seems to be preparing for the June CPI data, which may affect expectations of interest rate cuts this year. （The Block）