The United States released it's July inflation stats at 8:30 a.m. New York (which is 1:30 p.m. in London). The market was expecting 8.7% from a year ago, down from 9.1% last month.
What they got was 8.5% from a year ago, and the month-on-month rise was 0.3%, which is the equivalent of an annualised 4%. That means there was a sharp deceleration in inflation in the last month.
The dollar immediately dropped against the euro and other currencies. Here's what happened to bitcoin:
Bitcoin weakness is a function of dollar strength. If the Fed stops raising interest rates and the dollar starts it's march downwards, bitcoin will go much higher.