Bitcoin price soared to a new all-time high of over $123,231 on Coinbase, mirroring the S&P 500’s record high of 6,457. US CPI data showed inflation holding at 2.7%, with market odds of a Fed rate cut in September at 93.9%. Inflows to Bitcoin and Ether ETFs are up, boosting bullish sentiment.

Data shows Bitcoin could face liquidations at $122,500, with potential for forced closure at $124,000. Short positions worth nearly $2 billion are at risk if BTC price breaks through the $122,800 to $125,500 range. Bitcoin’s market cap is now over $2.45 trillion, while total crypto market cap hits a record $4.15 trillion.

Read more at Cointelegraph: Bitcoin Sets New High On Back Of Latest CPI Inflation Data