Bitcoin traders are eyeing a price target of $137,000 following the release of the July US Consumer Price Index (CPI), which reported inflation at 2.7% year-over-year. This figure has led to increased expectations for a Federal Reserve interest rate cut, now sitting at 93.9% for September. Despite a brief spike to $122,190, Bitcoin's price dipped to $118,500 but has since rebounded to $119,500. A decisive close above $120,000 is considered crucial for confirming bullish momentum. On the technical side, a bullish flag pattern has emerged, with key support between $115,650 and $117,650. Analysts suggest that a softer Producer Price Index release next week could further bolster Bitcoin's prospects. However, there are still warnings about potential downside movements if the $120,000 level fails to hold, with a deeper correction possibly testing levels as low as $95,000.

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