Despite a lower-than-expected US Consumer Price Index (CPI) report, Bitcoin experienced continued sell-offs, failing to reclaim $104,000. The CPI data indicated a 2.3% increase over the past 12 months, the smallest rise since February 2021. In the wake of this data, traditional markets showed positive movement, with the S&P 500 and Nasdaq Composite Index up 0.7% and 1.4%, respectively. Traders remained cautious, predicting further volatility for Bitcoin while assessing order book liquidity. Richard Teng, CEO of Binance, expressed optimism, highlighting Bitcoin's performance as it outpaces traditional assets like gold and the S&P 500 by posting double-digit gains year-to-date. Market analysts suggest the cryptocurrency faces a tug-of-war between its identity as 'digital gold' and a risk-on asset, potentially leading to a sideways market trend. Overall, while Bitcoin faces short-term challenges, its long-term momentum remains strong, with expectations of new all-time highs in the future.

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