Bitcoin hits new all-time high: BTC may touch $125K as it skyrockets amid market frenzy – is now the moment to dive into crypto?

Bitcoin is trading at about $121,100, near its record high of $123,166, up 1.43% in one day. Its chart shows a strong upward trend with higher lows and a recent breakout. The 100-day and 200-day moving averages just crossed to the upside, supporting continued growth.

U.S. July CPI rose 2.7% YoY, slightly below expectations. This triggered markets to price in a 96% chance of a 25bps Fed rate cut in September, and a rising chance of 50bps. Bitcoin’s Relative Strength Index (RSI) is at 63, showing bullish but not overbought conditions, as reported by TradingNews.