Despite strong CPI statistics, the price of Bitcoin (BTC) dropped sharply around the Wall Street open on August 14. In spite of the CPI print, Cointelegraph Markets Pro and TradingView claimed that the price of bitcoin is approaching $62,000. The response from Bitcoin, however, was fleeting as the price of BTC/USD dropped by more than 3% in less than an hour. It was a relief for trader Daan Crypto Trades, who had cautioned about volatile BTC price movements surrounding US macro data releases. The markets are still leaning toward a modest interest rate reduction at the Federal Reserve's next meeting in September, according to the most recent data from CME Group's FedWatch Tool. However, inflation in certain categories will start to rise again when rate cuts occur. Roman, a different trader, said that Bitcoin would drop another 10% from its present levels because