Bitcoin is approaching three-week highs as the US Consumer Price Index (CPI) data aligns with expectations, pushing the BTC/USD price to $114,731. While many traders anticipate a further price increase, some expect a dip to liquidate late long positions. The recent CPI data showed inflation rising, yet initial jobless claims were also at a significant level, leading to speculation on a potential Federal Reserve interest rate cut. The market predicts 75 basis points of cuts by the year's end. Despite bullish sentiments from some traders who believe Bitcoin will break through to new highs, others caution that the price may first experience corrections, as past trends indicate potential downturns following CPI releases. A prior trader analysis suggests that Bitcoin has often rallied before CPI announcements, only to see a sell-off afterward. As market dynamics shift, traders remain divided on the immediate future of Bitcoin prices.

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