Inflation Data Negatively Impacts Bitcoin

Bitcoin appears to have been affected by recent higher-than-expected inflation data.

This data lowered expectations for a Federal Reserve interest rate cut,

 prompting investors to withdraw from the popular digital currency,

 Bitcoin, and stabilized after it surpassed $124,566.

Currently, the currency has begun to temporarily decline, trading at $117,000,

with expectations that the decline will continue temporarily.

Expectations of a return to the cryptocurrency's rise continue.

Bitcoin is approaching strong buying areas on the daily chart,

which could prompt a return to the upward trend soon.

Technical Outlook

Regarding Bitcoin's technical analysis,

the currency is still moving in a strong overall upward trend,

especially after breaching the previous all-time high at $123,282.

The currency has also established new buying demand zones.

One of the most important buying zones currently for Bitcoin,

located at $115,350.

An upside rally is expected from the designated target areas of $118,900 and $122,800.