Analysis: BTC rally cools on profit-taking ahead of key US inflation data

Odaily News Analysts believe that after the price of Bitcoin soared from $108,000 to $122,000, it fell below $117,000 because investors seemed to be taking profits before the release of the US CPI data in June. Bitfinex and Nansen analysts warned that higher-than-expected inflation could delay possible rate cuts and prolong the callback of cryptocurrencies. In addition, the market currently seems to be preparing for the CPI data in June, which may affect expectations of rate cuts this year. (The Block)