Strategist: Reduced expectations of a Fed rate cut and profit-taking drive Bitcoin to continue adjusting

LMAX Group strategist Joel Kruger stated in a report that Bitcoin has been in "correction mode" since reaching a record high last week. He noted that this was primarily due to higher-than-expected US wholesale inflation data, which weakened market expectations of a Federal Reserve rate cut. Kruger also mentioned that some of the sell-off may be related to profit-taking by short-term accounts, as well as the US Treasury Secretary's recent statement that the strategic Bitcoin reserve will not be expanded through new purchases.