Bitcoin Price Dips Ahead of U.S. CPI Report Amid Market Unease

Bitcoin's price has dipped 0.66% over the last day, trading at $63,495.84 as of August 12. This slight decline is part of a mostly flat market, with traders cautiously holding back ahead of today's U.S. CPI report.

The Bitcoin price is closely linked to the S&P 500, with an 84.5% correlation, which means that when stocks struggle, Bitcoin tends to follow suit.

A combination of factors is contributing to the current market unease: weakness in equities, a rejection near $65,000, and recent outflows from spot Bitcoin ETFs have all taken their toll on the price.

The Fear & Greed Index currently sits at 37, indicating that investors are being cautious. Meanwhile, a security issue affecting BTCPay Server has added to the risk factor, exposing credentials linked to some LND Lightning nodes and allowing attackers to drain funds from merchant wallets.