Bitcoin Dips Below $64,000 Ahead of US CPI Report

Bitcoin dipped below $64,000 on August 11th, testing its support zone for the second time this year. Market watchers have been treating the $63,900-$63,800 area as a crucial line of defense against further declines.

The move comes ahead of the US Consumer Price Index (CPI) report, which is expected to have a significant impact on the cryptocurrency's price. The market has been cautious, but not panicked, with Bitcoin down around 1.5-2% for the day.

Technical analysis suggests that the market is somewhat stuck, with resistance near $65,000 and support around $63,766. Indicators are neutral, reflecting a lack of a dominant narrative in the market.