Bitcoin nears three-week highs as the US Consumer Price Index (CPI) data meets expectations, leading many market participants to anticipate a potential price ascent following a possible dip. Recent data saw Bitcoin's value spike to around $114,731, while the CPI's annual change reached its highest since January. Concerns about labor market weakness fueled speculation about the Federal Reserve cutting interest rates in its upcoming meeting, with markets now pricing in substantial rate cuts by year-end. While some traders expect Bitcoin to reach new highs, others warn of a possible retest of support levels before further gains. Historical patterns suggest that Bitcoin might experience volatility around CPI data releases, with past trends showing initial rallies followed by sharp declines. Given the current context, traders and analysts remain divided on the next move for Bitcoin, balancing optimism for a price rise against caution about potential liquidation risks.

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