As Inflation Numbers Approach, Bitcoin Soars to Historic $120K Milestone

Bitcoin Blasts Past $120,000 Ahead of U.S. Inflation Figures

Bitcoin has shattered previous records, climbing above $120,000 for the first time and bringing its year-to-date gains to 28%.

As of midday in Hong Kong, Bitcoin was trading above $121,000, according to data from CoinDesk.

The milestone comes shortly after President Donald Trump announced a 30% tariff on imports from the European Union and Mexico, effective August 1. Despite creating market jitters, the news helped clear out short-term technical pressures, paving the way for a decisive rally.

Traders are now turning their attention to key U.S. inflation data expected this week. Analysts surveyed by FactSet predict the Consumer Price Index (CPI) will rise 0.25% in June, amounting to an annual increase of 2.6%. The core CPI, which excludes volatile food and energy prices, is projected to climb 0.3% for the month and 3% on a yearly basis.

An unexpectedly high inflation reading could unsettle risk assets like Bitcoin, potentially postponing any rate cuts from the Federal Reserve. Still, many believe the downside risks are limited, thanks to strong corporate interest, robust ETF inflows, and a positive regulatory environment in the U.S.

Ledn CEO John Glover remains confident about Bitcoin’s upward path.

“Breaking to new highs confirms that the dip to $96,000 in late June was simply wave (ii) in a larger Wave 5 advance,” Glover said in an email.

“My earlier target was $136,000 in early 2026, but with this momentum, Bitcoin could hit that level before the end of this year,” he added.