Bitcoin Stalls as Traders Book Profits Amid Jerome Powell Succession Talks
Bitcoin's recent decline halted its upward trend, trading at $117,250, down 4.5% from its all-time high. Profit-taking among traders is identified as a primary factor, coinciding with a spike of 14,000 BTC in exchange inflows, indicating increased selling activity. The dip occurred alongside the release of June's U.S. Consumer Price Index, which showed inflation rising to 2.7%, reducing the likelihood of near-term rate cuts and maintaining high borrowing costs. This inflationary environment supports Federal Reserve Chair Jerome Powell's position on interest rates. Short-term holders are averaging a 10% profit, entering a historically risky "danger zone" for potential price corrections. Analysts suggest that a more dovish Fed chair could positively impact crypto markets.
