Bitcoin (BTC) Price: BTC Struggles at $63,500 as CPI Inflation Data Fails to Spark Rally
TLDR
- Bitcoin dipped below $63,500 on Wednesday despite US CPI inflation data matching expectations
- July CPI came in at 0.1% month-on-month and 3.4% year-on-year, in line with forecasts
- Fed rate-hold odds for September rose to 60-62% following the CPI print
- Analyst Rekt Capital warned that $63,000 support is “progressively weakening”
- Bitcoin spot volume has hit its lowest level since 2019, according to Glassnode data
Bitcoin dropped below $63,500 on Wednesday after US inflation data came in exactly as expected, failing to give traders a reason to buy.
The July Consumer Price Index rose 0.1% month-on-month and 3.4% year-on-year. Core CPI, which strips out food and energy, rose 0.2% monthly and 2.5% annually. All four measures matched forecasts.
Despite the in-line data, BTC/USD erased its daily gains and was last trading down 0.2% at $63,487.
US stocks stayed calm after the report. Gold held near nine-week highs. Bitcoin was the outlier, failing to hold gains.
Fabian Dori, CIO at Sygnum Bank, said the CPI print combined with last Friday’s weak jobs report — which showed a loss of 23,000 jobs — points to “gradual cooling without a recession scare.” He said September rate odds should stay roughly stable.
… Continue reading the full article at the original source below.
