Bitcoin Dips Below $64k as Gold Eyes $4,500 Breakout

The latest US CPI report revealed that inflation increased by 0.1% in July, bringing the annual rate to 3.4%. This development has had a mixed impact on both Bitcoin and Gold.

Bitcoin's price continues to decline, weighed down by persistent risk-off sentiment. At the time of writing, BTC trades below $64,000, with its bearish near-term tone reinforced by its slide beneath key moving averages and trendlines.

In contrast, Gold maintains a bullish outlook, holding above key moving averages and the dynamic SuperTrend indicator. The precious metal's spot price has extended well above these support levels, with momentum remaining strong.

The US CPI report shows that inflation remains above the Federal Reserve's 2% target, but consecutive subdued monthly prints suggest that the energy-driven surge in the second quarter may be losing steam.