Bitcoin (BTC) Price: BTC Has Gone Nowhere for Five Weeks - Will Inflation Data Finally Move It?

TLDR

• BTC has been stuck between $62,000–$66,000 for weeks, with ETF inflows offset by miner and corporate selling
• Strategy has sold 6,916 BTC worth over $440 million since June, breaking from Saylor’s original no-sell stance
• Wednesday’s U.S. CPI report is seen as the next major price catalyst for Bitcoin
• Crypto trading volumes have hit their lowest levels in three years
• A weekly RSI buy signal remains active, but $60,000 is the key support level to watch

Bitcoin has been trading in a tight range between $62,000 and $66,000 for much of the summer, and Tuesday was no different. BTC slipped to around $63,500, down 0.6% in 24 hours, extending a five-week standstill.

Crypto trading volumes have dropped to their lowest point in three years. That leaves little energy to push prices in either direction.

“Bitcoin’s recent price action has largely been driven by steady ETF inflows being offset by OTC selling from miners and Strategy,” said Paul Howard, senior director at trading firm Wincent.

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