Strategist: The expectation of Fed interest rate cuts has decreased and profit taking is driving Bitcoin to continue its adjustment Bitcoin has rebounded slightly, but overall it remains at a low level, dropping to a two and a half week low the night before. LMAX Group strategist Joel Kruger stated in a report that Bitcoin has been in a "correction mode" since hitting a historic high last week. He pointed out that this was mainly affected by higher than expected wholesale inflation data in the United States, which weakened market expectations for the Federal Reserve to cut interest rates. Kruger also mentioned that some of the selling may be related to profit taking in short-term accounts, as well as recent statements from the US Treasury Secretary that strategic Bitcoin reserves will not be expanded through new purchases.