PANews reported on August 12th that Matrixport analyst Markus Thielen reported that Bitcoin has broken out of a triangle consolidation range and is currently holding above $116,817. It performed strongly during the Asian trading session, but saw some selling in European and US markets. While seasonal weakness may lead to a slow rise in prices, the overall trend remains upward. The report noted that a higher-than-expected CPI figure could impact market expectations for two Federal Reserve rate cuts this year. Furthermore, continued inflows into the cryptocurrency sector suggest long-term investors may reap rewards this year.