Bitcoin has been under considerable pressure over the past weeks since zooming to an all-time high above $73,500 late in the first quarter. The second quarter saw a slowing of inflows and even on occasion sizable net outflows into the U.S.-based spot ETFs. Then in late June into early July, a flood of supply from the sale of government holdings and the return of Mt. Gox tokens sent the price crashing to below $54,000 at one point, nearly 27% below that record high.

The tumble in bitcoin might be even more frustrating to the bulls given other competing risk assets – namely U.S. stocks – have continued to surge higher throughout the summer. Just yesterday, the S&P 500 and Nasdaq completed their seventh consecutive day of advance, scoring new record highs for each index.
Shortly following these latest inflation figures the odds for a September rate cut rose to 87% and the chances for two or more rate cuts by the Fed's November meeting jumped to nearly 50%. Alongside, the U.S. dollar index has slumped nearly 1%, a very sizable move for that gauge. Whether this becomes the catalyst for a fresh run higher for bitcoin remains to be seen.

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