Finance12 August, 20263 min read
Bitcoin Slips Near $63,500 As Traders Look Past July CPI To Federal Reserve Tests
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Bitcoin hovered around $63,500 after in-line US CPI; traders eye Fed tests. CPI data eased nerves but failed to spark a broad rally; eyes on jobs data.
CPI Holds, Rally Stalls
Bitcoin slipped to about $63,500 as traders looked past CPI to the Federal Reserve’s next tests, with July inflation landing “almost exactly where economists expected” and leaving BTC little reason to rally.
CoinDesk reported that July headline inflation rose 0.1% on the month and 3.4% on the year, while the core measure rose 0.2% and eased to 2.5%, trimming September rate-rise odds to about 38% from 46% before the release.
In parallel, International Business Times Australia said Bitcoin traded at $63,631.47, up $99.71 or 0.16% as of 2:04 p.m. UTC, after consolidating within a range of roughly $63,000 to $65,000 ahead of July’s Consumer Price Index report.
CryptoPotato framed the setup as bearish-to-neutral, saying BTC was struggling under descending resistance around the $66K area and that a daily breakout above it could open the door toward the $74K resistance zone.
CoinGape also tied direction to the CPI print, noting BTC moved between an intraday low of $63,204 and a high of $64,400 as investors awaited the report.
Rates, ETFs, and Triggers
CoinDesk said the next catalysts after CPI are the Jackson Hole gathering of central bankers later this month, the Sept. 4 jobs report, and the Sept. 11 inflation release, while Gabe Selby of CF Benchmarks argued that “An in-line report can remove a tail risk.”
CryptoRank described a split between futures and spot demand, saying Ki Young Ju noted open interest rising while on-chain spot demand remains net negative, and that “a sustainable rally needs both spot and futures demand.”
On the ETF front, CoinGape reported U.S. spot Bitcoin ETF market net inflows of $4.8862 million on August 11, with BlackRock’s IBIT leading as it was the only fund acquiring new capital.
FxNewsToday.ae added that SoSoValue showed spot Bitcoin funds recording inflows of $4.89 million on Tuesday after posting outflows of $144.67 million the previous day, while CME Group’s FedWatch tool put September rate-hike odds approaching 50%.
CryptoPotato’s technical framing echoed the same “wait for a decisive break” theme, pointing to resistance concentrated around $66K-$67K and support around $62K and $60K.
What Comes Next
Beyond CPI, CoinDesk said the market’s next tests include Jackson Hole later this month, the Sept. 4 jobs report, and the Sept. 11 inflation release, with bitcoin’s move described as hardest when inflation data forces a rethink on rates.
“U.S. CPI data will be released today at 8:30 a.m. ET.”
CryptoPotato laid out a conditional path for traders, saying a daily breakout above the descending trendline around the $66K area could lead toward the $74K resistance zone, while a sustained breakdown could signal another leg lower toward the $60K support zone.
CryptoRank warned that without stronger spot demand, a breakout may remain possible but “the latest demand data does not yet confirm that it is close,” even as it highlighted a second early bull signal on BTC.
On supply signals, CryptoRank said Lookonchain reported Metaplanet transferred 1,473 BTC (about $93.82M) and Hut 8 transferred 493 BTC (about $31.36M), while noting the available information does not say either company sold the Bitcoin.
In the broader market, CoinGape tied volatility to the CPI release time, stating the U.S. CPI data would be released at 8:30 a.m. ET, and it framed outcomes around whether inflation comes in above, below, or at 3.4%.