Bitcoin Hits 10-Day Low Despite Positive CPI Data as Strategy Keeps Selling: Weekly Crypto Recap

The end of the week is here, which means that we will take a look at what happened in the past seven days, from the good, the bad, and the ugly price movements.

Let’s begin from this time last Friday when bitcoin was actually fighting for the $65,000 level despite the latest setback in the CLARITY Act saga and the lack of an actual deal between the US and Iran, although such was promised by the POTUS. The weekend was significantly less eventful, as BTC failed to make a move but remained sideways at around $65,000.

The actual breakout attempt came on Monday morning, but it was quickly halted at $65,400 again. The subsequent leg down drove the asset to $63,800. After another rebound to $64,400, the bears stepped up again and pushed it south to $63,200. The same pattern repeated on Tuesday and Wednesday as BTC was stopped at $64,400 and slipped back down to its starting point despite the rather positive CPI data for July.

It kept charting lower highs, and the latest rebound attempt was stopped even before the previous ones. Bitcoin tapped $64,000 yesterday, but the rejection drove it to under $63,000 almost immediately. Although it rebounded slightly, the bears are back in control now, driving it to a 10-day low of $62,500 as of press time.

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