• Bitcoin reached a new all-time high on Wednesday, smashing its previous record of $123,222.
• The rally follows a soft CPI print for July, increasing the odds for a rate cut in the next FOMC meeting in September.
• The top crypto is trading within a rising wedge and could stretch its rally above $130,000.

Bitcoin reached a new all-time high on Wednesday, one month after establishing a similar record in July. The rally comes follows a soft Consumer Price Index (CPI) index print on Tuesday, which fueled hopes for a rate cut in the next Federal Open Market Committee (FOMC) meeting in September.