Bitcoin Jumps Above $64K as Whale Buying Fuels Breakout Hopes

Bitcoin's price has surged above $64,000 in the last 24 hours, making it a bullish start to the week. The cryptocurrency successfully defended its support level of around $62,300 after softer US inflation data was released last week.

However, despite this positive sign, Bitcoin's recovery remains limited by persistent monetary-policy uncertainty. The probability of the Federal Reserve raising interest rates in September has dropped to about 30%, well below the roughly 76% recorded a month earlier.

The shift in inflation expectations is partly due to data showing that annual US inflation eased to 3.4% in July, down from 3.5% in June. Nevertheless, inflation remains 1.4 percentage points above the Federal Reserve's 2% target.