Bitcoin Hits New Record High Above $120K as U.S. Inflation Data Looms

Bitcoin

rose previous $120,000 for the primary time on report, taking the year-to-date acquire to twenty-eight%.

BTC is at present buying and selling above $121,000 as of noon Hong Kong time, in keeping with CoinDesk market information.

The transfer follows President Donald Trump’s determination to impose a 30% tariff on the EU and Mexico, beginning Aug. 1, and marks a bullish decision to roughly 48 hours of uneven value motion that allowed overbought alerts from short-duration indicators to reset to bullish.

The focus now shifts to the U.S. inflation information due this week, which is anticipated to point out the price of residing ticked up in June towards the backdrop of Trump’s commerce conflict.

According to FactSet, economists count on that the buyer value index (CPI) rose 0.25% on a month-to-month foundation in June, equating to 2.6% annualized progress. The core CPI, which excludes the unstable meals and vitality, is forecast to have risen 0.3% month-to-month and three% on an annualized foundation.

Risk belongings, together with BTC, might wobble a bit if inflation accelerates, delaying the Fed charge minimize. That mentioned, the draw back could possibly be restricted given the robust momentum by way of company adoption of BTC, ETF inflows and optimistic regulatory outlook within the U.S.

According to John Glover, CEO of Ledn, BTC’s rally has legs and costs may rise to $136,000 by the year-end.

“We have finally broken to new highs, which confirms that the dip to $96k in late June satisfied the wave (ii) pullback (yellow line) within the larger Wave 5 (orange line),” Glover mentioned in an e-mail.

“While this doesn’t change the ultimate target of circa $136k to complete this bull run, it does likely reduce the time it will take to complete. I was previously looking for this in Q1 of 2026, but now it looks likely to hit $136k by year-end,” he added.