Bitcoin Edges Lower as it Struggles to Stay Above $120,000 — Market Talk

Bitcoin edges lower after struggling to sustain gains on the back of Tuesday's lower-than-expected U.S. inflation data. The data boosted market bets that the Federal Reserve will restart interest rate cuts in September, supporting risk appetite. Treasury Secretary Scott Bessent further fuelled these bets in an interview with Fox Business Tuesday by suggesting the Fed should be open to a 50 basis-point rate cut in September. Bitcoin briefly rose back above $120,000 Tuesday before returning below the key level as investors took profits. It last trades down 0.6% at $119,509, LSEG data show. The cryptocurrency reached a record high of $123,153 on July 14. (renae.dyer@wsj.com)