$64K Breakout in Play as Bitcoin Bulls Push Past Resistance

Bitcoin has begun the week on a bullish note, trading above $64,000 after successfully defending its support level at $62,300. The cryptocurrency's price increase comes despite persistent monetary-policy uncertainty that continues to limit its recovery.

The US inflation data released last week showed annual inflation easing to 3.4% in July, down from 3.5% in June. This cooling trend reduced the immediate pressure on policymakers to tighten monetary policy further, with the probability of a Federal Reserve rate hike in September dropping to around 30%. However, inflation remains above the central bank's target of 2%, and three policymakers disagreed with leaving rates unchanged at the most recent Federal Open Market Committee meeting.

Whales have continued buying Bitcoin during the ongoing consolidation, with wallets holding between one and 100,000 $BTC collectively adding a net 10,000 $BTC in August. This accumulation may partly explain why $BTC has remained above $60,000 over the past 45 days despite unfavorable macroeconomic conditions.

However, Bitcoin must overcome significant technical resistance before confirming a broader bullish reversal. The cryptocurrency's price outlook remains uncertain, with the main upside barrier at $66,000. A decisive daily close above this level could strengthen the bullish case and clear the way for a move toward the 200-day Exponential Moving Average near $72,000.