Bitcoin reached a new all-time high of $123,231, coinciding with the release of US Consumer Price Index data indicating month-on-month inflation remained unchanged in July at 2.7% year-on-year, below the expected 2.8%. The positive market response was driven by increasing chances of an interest rate cut by the Federal Reserve in September, now pegged at 93.9%. Long-time investors view Fed rate cuts as favorable for Bitcoin's price. Additionally, significant inflows into Bitcoin and Ether spot ETFs contributed to the bullish sentiment, with total netflows since August 8 for the Bitcoin ETF reaching $1.02 billion. There is potential for further price increases as nearly $2 billion in short positions are at risk of liquidation if BTC surges through the $122,800 to $125,500 liquidity clusters. Currently, Bitcoin's market cap stands above $2.45 trillion while the entire cryptocurrency market has hit a record of $4.15 trillion.

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