How a wall of 1.79 million Bitcoin is quietly choking every attempt to break above $65,000

Bitcoin traders are rebuilding bets on a run toward $70,000 while still paying for protection against a fall to $60,000, showing that softer US inflation data has done little to break the market’s defensive positioning.

The split held after the Consumer Price Index rose 0.1% in July and 3.4% from a year earlier, while core inflation increased 0.2% for the month and 2.5% annually. Both yearly readings eased from June and matched expectations, reducing pressure for the Federal Reserve to tighten policy further.

However, Bitcoin barely reacted. CryptoSlate data showed BTC trading around $63,270 as of press time, extending a three-week stretch in which the asset has largely remained trapped between $63,000 and $65,000.

September hike odds barely move as CPI leaves Fed path unresolved

The muted Bitcoin reaction was mirrored in interest-rate markets, where July's inflation report produced only a modest shift in expectations for the Fed's September meeting.

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